On Tuesday, Google announced it will dedicate $1 billion toward efforts to create more affordable housing in the Bay Area. “We hope this plays a role in addressing the chronic shortage of affordable housing options for longtime middle- and low-income residents,” said Google CEO Sundar Pichai. The rollout has two phases: during the first, Google will repurpose $750 million of its land for residential housing, and during the second, Google will create a $250 million investment fund that will provide incentives for developers to create affordable units. The company expects to add 20,000 new homes to the market.