Google Plans San Francisco Bay Area Housing Initiative -- Update
June 18 2019 - 2:32PM
Dow Jones News
By Josh Beckerman
Google Inc. is launched a housing-focused initiative as it seeks
to be "a good neighbor" in the San Francisco Bay Area.
The company, part of Alphabet Inc. (GOOG, GOOGL), plans an
additional $1 billion investment in housing.
In a blog post, Google Chief Executive Sundar Pichai said this
will include repurposing at least $750 million of the company's
land as residential housing. Most of this land is currently zoned
for office or commercial space.
Google will "continue to work with local municipalities to
support plans that allow residential developers to build quickly
and economically." The company has worked with Mountain View to
change zoning in the North Bayshore area, and is in "productive
conversations with Sunnyvale and San Jose."
The company also will establish a $250 million investment
fund.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
June 18, 2019 14:17 ET (18:17 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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