Google on Tuesday pledged to commit more than $1 billion to help address the severe housing crisis it has been blamed for for years.

CEO Sundar Pichai announced the initiative, saying the internet colossus wants to be 'a good neighbor' in the area bursting with technology companies.

The chunkiest portion of Google's plan is to spend $750million rezoning its current office space which it will then lease to developers and allow them to turn it into residential space.

The second part involves a $250million investment to build 5,000 affordable housing units that.

Again, Google will not be the ones building the houses - instead, it will merely supply the investment fund as an incentive for developers to create the homes.

Thirdly, it has pledged a $50million donation to homeless charities and organizations.

The move is not entirely selfless. By creating more homes near its expanding offices, the company is giving itself a better chance at attracting staff, many of whom say housing is their top concern about taking a job in the area.

It also comes after years of protests from local residents who have been pushed out of the area because of the tech boom.

Google is pledging some $1 billion to help ease the housing shortage and homelessness in the San Francisco Bay region, where this scene was pictured in 2016

Pichai did not acknowledge the company's role in it in his announcement but said it was committed to being a 'good neighbor'.

He said Google had previously invested in housing in areas where it has operations but that this latest initiative would be open to all residents, not just its employees.

WHAT GOOGLE WILL DO $750million on rezoning its land to be turned into residential space. It hopes developers will then lease the land and create 15,000 homes. $250million on 5,000 affordable housing units $50million in grants to homeless charities Advertisement

'Today we're announcing an additional $1 billion investment in housing across the Bay Area,' Pichai said in a blog post.

The largest chunk of this would be to 'repurpose' over the next 10 years for housing some $750 million of Google's land, most of which is currently zoned for office or commercial space.

'This will enable us to support the development of at least 15,000 new homes at all income levels in the Bay Area, including housing options for middle and low-income families,' he said.

'We hope this plays a role in addressing the chronic shortage of affordable housing options for long-time middle and low income residents.'

San Francisco has the third-largest homeless population in the nation, behind New York and Los Angeles

A contract security employee for Google LLC opens the door to the recreational vehicle she rents for $800 a month in Mountain View

The company has however also pledged a $250 million investment fund providing incentives to build at least 5,000 affordable housing units across the market.

An additional $50 million will be funneled through the company's philanthropic arm Google.org to nonprofits focused on homelessness and displacement, adding to some $18 million in grants given over the past five years.

'In the coming months, we'll continue to work with local municipalities to support plans that allow residential developers to build quickly and economically,' Pichai said.

'Our goal is to get housing construction started immediately, and for homes to be available in the next few years.'

Critics were hesitant to praise the company which has been widely blamed for the crisis in the first place

These graphs show the burst in housing prices in San Francisco over the last 20 years

Earlier this year, companies and organizations, including one started by Facebook's Mark Zuckerberg and his wife, pledged some $500 million for affordable housing in the same region in response to a plea from Governor Gavin Newsom.

Microsoft, based in the northwestern city of Seattle, has pledged $500 million for a similar initiative.

Google CEO Sundar Pichai said the company wanted to be a 'good neighbor'

Many welcomed the news but some were hesitant to heap praise on the company when it has been blamed for the problem to begin with.

'How brave of Google to tackle a problem they caused,' one critic quipped.

The company is not the only tech giant which is widely blamed for contributing to the city's housing and affordability problem.

Facebook and Amazon have also come under fire for not doing more to help people in the area, particularly the homeless, while their businesses expand at an exponential rate.

In the last year, many of the companies have taken action.

Wells Fargo has pledged $1billion to alleviate the crisis and Facebook has announced a $500million fund to preserve 8,000 homes specifically in the bay area.