Redefy's housing news 8.1.16: Facebook to build housing around Hobbit-esque headquarters, a new kind of home will be built "iPhone-style", FOMO motivates buyers, and an economist weighs in on the shifting home market.
Facebook becomes a housing developer
Facebook has faced a lot of public outcry regarding its enormous new expansion (dubbed the “Hobbit Walmart” for its box-under-the-ground look) and the lack of affordable surrounding housing in Menlo Park, CA. Their solution? Building housing, says Curbed. Well, developing it at least.
Facebook hopes to plan and design 1,500 units (they’ll be above ground, so don’t get excited Tolkien lovers) around its Hobbit-esque headquarters. Unlike other companies that build housing for their employees, Facebook will open them to the public and set aside 255 as affordable housing.