You left out that the house cannot be rented out. So if you get fired in two years, you get to sell the house back to the company for what you paid for it (losing appreciation). Since you're not going to be able to stay in the neighborhood because there are no other jobs around.
Which means that the company can price in "forcing you to sell your home" into your salary discussion.
It's being explicitly sold to employees as a way to build wealth. Steve Ferguson, chairman of the board of Cook Group, the parent company of Cook Medical, said "And people don't build wealth living in apartments."
Seems like the guy who approved this project thinks its supposed to be an investment!
I mean, this is a company that has operated and expanded in this area for a long time. They are well established. Obviously nobody can predict the future but it's a pretty good bet that they will be there for another three years. That's a bet I'd take if I worked there. This is not an SV software company, it's a company that makes physical products, has a huge investment in the facility to do that, and have been operating in the area for decades.
Oh, I totally believe the company will still be there (although they could move the factory to another country, it's not unheard of.) My point is if you want to own that house, you need a job and they have most of the jobs. So if they fire you or you quit, you probably will have to sell the home back to the company. That's a lot of pressure they can exert on you.
Not in a 3 year period you don't build much equity. Equity is built more in the later years. After the first 3 years, on a 188k house at 6% interest over 30 years they will have accumulated a little over $5,800 in equity. Less than the realtor fees would be (except this was a direct sale). Not nothing, but at that point well worth crunching the numbers on renting vs. buying.
Which means that the company can price in "forcing you to sell your home" into your salary discussion.