Google Plans San Francisco Bay Area Housing Initiative -- 2nd Update
June 18 2019 - 3:01PM
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, supporting the development of at least
15,000 new homes. Most of this land is currently zoned for office
or commercial space.
Google is collaborating with local governments "to support plans
that allow residential developers to build quickly and
economically." It has already worked with Mountain View to change
zoning in the North Bayshore area, and is in "productive
conversations with Sunnyvale and San Jose."
The company will also establish a $250 million investment fund
to "provide incentives to enable developers to build at least 5,000
affordable housing units."
Another $50 million of grants through Google.org will go to
nonprofits focused on homelessness and displacement.
California Gov. Gavin Newsom has called on "corporate
California" to address the Bay Area's housing shortage. In January,
a group that included companies, philanthropists and Facebook Inc.
(FB) Chief Executive Mark Zuckerberg said it planned to raise $500
million for affordable housing.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
June 18, 2019 14:46 ET (18:46 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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