Google is one of the Bay Area’s largest employers. It has headquarters in Mountain View and is looking to expand in Sunnvyale and San Jose with more office space.
CEO Sundar Pichai said the company will invest $1 billion to create up to 20,000 homes in the region over the next decade.
First, over the next 10 years, the company plans to 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 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). Google hopes this plays a role in addressing the chronic shortage of affordable housing options for long-time middle and low income residents.
Second, the company is establishing a $250 million investment fund so it can provide incentives to enable developers to build at least 5,000 affordable housing units across the market.
In addition to the increased supply of affordable housing these investments will help create, Google also said it will give $50 million in grants through Google.org to nonprofits focused on the issues of homelessness and displacement.
Pichai said the goal is to get housing construction started immediately, and for homes to be available in the next few years.