Silicon Valley will help families with an income of less than $250 buy a house

Фото: Depositphotos

In the heart of Silicon Valley, in the city of Palo Alto, people are looking for a solution to the housing problems of people who are not super-rich.

The city is considering building and subsidizing affordable housing for families who earn 150-250 thousands of dollars a year. The plan to subsidize own housing will include the construction of small housing complexes.

Across the country, families with an annual income of a quarter of a million dollars are considered wealthy, in fact, they are among the 3% most wealthy families in America. However, in Palo Alto, families with this income are considered middle class. The Tech Valley has one of the highest median incomes among small cities at $167,408.

In Palo Alto, where do company founders live Google Larry Page and Facebook Mark Zuckerberg, the average cost of a three-bedroom house is about 2,18 million dollars. This is an unaffordable price for a middle class family.

The constant rise in housing prices in Palo Alto does not allow a representative of certain occupations to purchase a home. In particular, the salaries of teachers, firefighters, doctors and civil servants force them to abandon the idea of ​​buying property in the city and move to another place.

City Vice-Mayor Greg Sharff worries that the loss of the middle class will hurt Palo Alto. Therefore, it was decided to subsidize housing for the middle class.

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