Google announced that they are investing $1 billion in housing across the San Francisco Bay Area. They chose this location because Google is one of the Bay Area’s largest employers. Google wants to help solve the problem of a chronic shortage of affordable housing options for middle and low-income residents.
First, over the next 10 years, we’ll repurpose at least $750 million of Google’s land, most of which is currently zoned for office or commercial space, as residential housing. 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 to low-income families.
After that, Google will establish a $250 million investment fund so they can provide incentives to enable developers to build at least 5,000 affordable housing units across the market. Google will also give $50 million in grants through Google.org to nonprofits focused on the issues of homelessness and displacement.
In addition, Google will work with local municipalities to support plans that allow residential developers to build quickly and economically. And, Google will also fund community spaces that provide free access to co-working areas for nonprofits, improve transit options for the community and Google’s employees, and support programs for career development, education, and local business.
Personally, I think this is a great idea! One of the problems California has is the lack of affordable homes for middle-income and low-income individuals and families. It is nice that Google is using some of its wealth to help solve this problem.