Google to invest $1B in San Francisco Bay Area housing

Tuesday, 18. June 2019 18:29

Google will invest $1 billion into developing at least 15,000 new homes in the San Francisco Bay Area, CEO Sundar Pichai said in a blog post on Tuesday.

According to Pichai, the first step will involve repurposing at least $750 million of Google’s land, most of which is currently zoned for office or commercial space, as residential housing over the next 10 years. This will allow the company to support the development of the 15,000 new homes, which will include options for low- and middle-income families. The tech giant will then establish a $250 million investment fund that will be used to provide developers with incentives to build at least 5,000 affordable housing units across the markets.

Pichai also said that Google will provide $50 million in grants through to non-profit organizations that focus on the issues of homelessness and displacement. He added that the company is looking to start construction immediately and make the homes available in the next few years.

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