Google on Tuesday announced it is investing $1 billion to build 20,000 homes across the Bay Area.
The Mountain View-based company said in a statement it will help build 15,000 new homes for all income levels within the next 10 years, and 5,000 affordable housing units across the market.
“The lack of new supply, combined with the rising cost of living, has resulted in a severe shortage of affordable housing options for long-time middle and low-income residents,” Google CEO Sundar Pichai said. ” As Google grows throughout the Bay Area—whether it’s in our home town of Mountain View, in San Francisco, or in our future developments in San Jose and Sunnyvale—we’ve invested in developing housing that meets the needs of these communities. But there’s more to do.”
The 15,000 new homes, which will include options for middle and low-income families, will come from a repurposing of at least $750 million of Google’s land, most of which is currently zoned for office or commercial space.
The 5,000 affordable housing units will be possible due to the establishment of a $250 million investment fund “to enable developers to build” the 5,000 units.
In addition to increased supply of affordable housing, Google says it will give $50 million in grants through Google.org to nonprofits focused on homelessness and displacement.
Google said it will also be working with local municipalities to support plans allowing residential developers to build these homes.
The company said it will also be funding community spaces, improving transit options, and supporting programs for career development, education, and local businesses.
San Jose Mayor Sam Liccardo has issued the following statement in response to Google’s announcement:
“For several months, we have encouraged Google to make a bold commitment to address our region’s affordable housing challenge. We look forward to working with Google to ensure today’s announcement manifests into housing that will benefit thousands of San Jose residents struggling under the burden of high rents.”
For live, local news, download the KRONon app. It lets you watch commercial-free news from the Bay Area’s Local News Station on multiple streaming devices.
- CALIFORNIA GAS TAX TO INCREASE JULY 1
- PRIDE FLAG FLIES AT STATE CAPITOL FOR FIRST TIME IN STATE HISTORY
- JIMMY BUFFET FANS GET MYSTERIOUSLY SICK IN DOMINICAN REPUBLIC
- HARVARD PULLS PARKLAND GRAD’S ADMISSION OVER RACIST COMMENTS
- BOY FIGHTS OFF INTRUDER WITH MACHETE