Google announced that it will invest additional $1 billiion in residential housing across the San Francisco Bay Area.
In the coming ten years, Google plans to rezone its $750 million of Bay Area land, most of which is currently zoned for office or commercial space, to build residential houses.
”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. (By way of comparison, 3,000 total homes were built in the South Bay in 2018). We hope this plays a role in addressing the chronic shortage of affordable housing options for long-time middle and low income residents,” Google said in a blog post.
Google also plans to launch a $250 million investment fund which provides incentives to enable developers to build at least 5,000 affordable housing units across the market.
”Across all of this, our goal is to help communities succeed over the long term, and make sure that everyone has access to opportunity, whether or not they work in tech. Solving a big issue like the housing shortage will take collaboration across business, government and community organizations, and we look forward to working alongside others to make the Bay Area a place where everyone who lives here can thrive,” Google said in blog post.