As the job market continues to improve, there are more jobs than ever. That means a lot of employers are facing a worker shortage. This is a stark contrast compared to a few short years ago when there were too many people looking for work. As a bid to attract new employees, companies are taking drastic measures…including buying up property and homes.
Usually to attract workers, companies use a variety of perks. Maybe they offer free health insurance, daycare, and/or paid time off. In this instance, more are getting into the real estate game. Why are buying so many homes? To offer their potential employees affordable housing. This is becoming increasingly necessary as the price of rent continues to climb.
The Boston Globe recently looked at one company that decided to grab a bunch of properties. They had a difficult time finding good workers, so they offered affordable housing as a perk. Not only was it affordable, rent was offered well below current market prices. This did help the company attract and keep more workers.
It’s not just big companies doing this. Schools and other institutions are as well. In a lot of districts, teachers are vastly underpaid. As a means of attracting quality teachers, the district bought some homes to create a complex of affordable housing. So far, the tactic has worked. This allows the teachers to pay a little bit of rent while focusing on remaining productive.
Employers All Over the Country
Another big company also working with this idea is Facebook. They’re currently in the middle of developing 1,500 housing units, which they call Willow Village. These are for their workers who are having a tough time finding affordable housing. Washington State has a major housing crisis, especially as Silicon Valley continues to attract thousands of workers looking to make it big.
Willow Village isn’t just a complex of homes. They also plan to install everything you’d find in any ordinary town. Grocery, drug, and retail stores are all a part of the plan. Google is another employer looking to do the same. They’ve purchased hundreds of modular homes to serve as affordable housing.
This might be the start of the future when it comes to people being able to live more comfortably. If more employers did this, it would also force employees to stick with the company. No one wants to move into a home for a few short weeks. Instead, they would be compelled to stay and work for the company for the foreseeable future.
