Facebook is reportedly providing staff up to $10,000 to measure nearer to the company's headquarters in Menlo Park, California.
As Reuters reports, Facebook started providing the bonus within the last year. To qualify, you've got to shop for or rent a home among ten miles of Facebook's headquarters. Some individuals with larger families will get on my feet to $15,000. That sounds nice in theory, but $10,000 is not precisely a windfall within the absurdly costly metropolis Bay space. in keeping with Zillow, the median home price in Menlo Park presently sits at $1.96 million, and it's expected to travel up five.1 p.c next year.
"Our advantages at Facebook area unit designed to support our staff and therefore the those that matter most to them the least bit stages of life," a Facebook representative told Reuters.
There area unit lots of ways in which Facebook's perk may backfire for each its staff and therefore the native communities they could have an interest in, however. First, there is the apparent displacement that happens once those earning vital salaries begin getting into areas antecedently inhabited by low- or middle-income tenants or house owners. there is additionally the notion that once landlords understand {they're|they area unit} on a bit of hot property—especially something among a 10-mile radius of Facebook—they would possibly raise the rent to extract extra cash from those whose housing prices are being supplemented by their employers.
As Reuters notes, the move may even have some sensible applications for Facebook: the way to encourage its staff to measure nearer and hang around within the workplace additional (working, of course). it would even facilitate Facebook save slightly cash. Commuter shuttle drivers unionized last year and with success earned wage will increase, thus Facebook may shuffle funding from its commuter bus programs to its housing stipends.
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