Mark Zuckerberg is about to go down as the greatest boss of all time. If you are ever lucky to snag a job at the Facebook headquarters in San Francisco, then they may cut you a check upwards of $10k just to live nearby! The social media giant is one of many tech companies who is trying to figure out a way to combat the ever-increasing cost of living as well as congestion in the Bay.
Facebook started the program the last 12 months and in order to qualify, employees must purchase or rent a home within 10 miles of the Facebook headquarters located at One Hacker Way. It’s at the tail end of a bridge which is very close to the suburbs, so employees will be able to find great deals. According to the New York Post, some Facebook employees with families could earn a lump sum of $15,000 or more for housing costs!
While all of this is certainly good news, locals fear that if Facebook’s program gains traction, then it will displace lower-income families and further accelerate gentrification. But Facebook denies that they are promoting social engineering. A spokesman said, “Our benefits at Facebook are designed to support our employees and the people who matter most to them at all stages of life.”
Many employees are experiencing a better quality of life since they’ve moved closer, because the commute to work is much shorter. According to the NY Post, what used to be a one-hour commute each way three years ago has become a journey of 90 minutes or more as the tech industry has boomed and more people are commuting to these jobs.
The New York Post reports:
“For Mark Shim, an engineer who had worked at [an investment management technology company called] Addepar, living across the street from the Mountain View-based company earned him a $300-a-month BONUS. But the money, which was a taxed benefit, wasn’t the reason behind his housing decision.
“For me, it wasn’t financially driven as my rent has gone up more than 60 percent since I moved to Mountain View and the stipend doesn’t keep up with the rent spikes in the area,” said Shim, who has since joined another company. “If you live closer to work, you are less worried about leaving at an exact time, and if you’re in the middle of solving a cool problem, you’ll spend the extra time to finish that up.”
Lissa Minkin, vice president of people at Addepar, said the perk was designed to help employees spend more time on PERSONAL interests or with their families. “Not having a long commute makes a huge positive impact on maintaining a healthy work-life balance,” she said.”
This is still a very revolutionary idea! Roommates, would you relocate closer to your job if they paid you to or is a life far away from work the way to go?
TSR Intern: Talia O. @theclosetratchet on Instagram & @tallyohhh on Twitter!
Source Cited: http://nypost.com/2015/12/17/facebook-pays-employees-10000-bonus-to-live-near-office/