Alphabet Inc.'s (GOOGL) - Get Report Google is finalizing a deal with construction company Factory OS to purchase 300 modular homes that will serve as short-term housing for the tech giant's employees, the Wall Street Journal reported.
The deal, which is valued between $25 million and $30 million, capitalizes on the reduced price of prefab construction in the Bay Area, which can cut costs between 20% and 50%.
Google isn't the only tech company looking to help solve the housing shortage its employees battle. Facebook (FB) - Get Report pledged to build 1,500 units in Menlo Park, of which 15% will be classified as "affordable."
Google's shares were down 0.3% to $967.93 at Wednesday's close.
What's Hot on TheStreet
Amazon car dealer talk won't go away: This news continues to spread around the globe, probably sparking fear in the minds of all used car sales people. As TheStreetreported this week, Amazon (AMZN) - Get Report has reportedly taken early steps to become an online car dealership in Europe, this according to a German trade weekly called Automobilwoche. The German newspaper cites Christoph Moeller, an industry specialist, as saying he has been placed in charge of the company's European business with car makers. Amazon is said to be planning to run that business out of Luxembourg and is eyeing the U.K. as its possible first market.
Step aside Starbucks: Panera Bread (PNRA) continues to impress on so many fronts. On Tuesday, Panera Bread announced that it has exceeded $1 billion in digital sales. TheStreetreports that the "Amazonization" of fast food continues.
Starbucks SBUX isn't the only one who can do digital well.
Apple and cars:TheStreetdives deep into Apple's(AAPL) - Get Reportcar ambitions. To be sure, this is a story that is only just starting to play out. Companies from Ford (F) - Get Report to Uber should be closely planning for Apple's aggression in the auto space over the next five years.
About Uber: Uber's investors continue to back the embattled ride-sharing company, according to TheStreet's sources.
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