New Silicon Valley housing developer: Facebook

Demand for housing by tech industry workers is sending home prices and rents soaring in the San Francisco Bay Area. The shuttle buses that companies like Google, Facebook, Apple and Yahoo use to deliver workers to their campuses have become “a much-derided symbol of the antagonism” some longtime residents feel toward tech workers, NPR reported this summer.

Facebook Inc.’s answer to the shortage of housing near its Menlo Park headquarters  is to build a 394-unit rental community — enough to house about 1 in 10 of the company’s workers. The social network is working with developer St. Anton Partners on the $120 million project, and will make all but 15 of the units open to non-Facebook employees. Google has also invested in a number of affordable housing projects.  Source: