How Data Centers Are Making It Harder for Americans To Get Housing
Summary
A new report shows that companies building data centers in parts of Virginia are paying very high prices for land. This is making it harder for homebuilders to buy land for new houses, which adds to the shortage of affordable housing in the U.S.Key Facts
- Data center developers are outbidding homebuilders for land, paying "impossible prices."
- Northern Virginia has over 300 data centers, the highest concentration in the U.S.
- SDC Capital paid $615 million for 97 acres in Loudoun County, about $6.3 million per acre.
- Microsoft spent $465.5 million for 124 acres in Prince William County to build data centers.
- Amazon bought 120 acres of university land in Ashburn for $427 million to build a data center.
- There are over 1,500 new data centers in development nationwide, according to Pew Research Center.
- The U.S. faces a shortage of 4 to 10 million homes, causing a housing affordability crisis.
- Experts say competition for land between data centers and homebuilders is making housing shortages worse.
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