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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 firstname.lastname@example.org
(END) Dow Jones Newswires
June 18, 2019 14:17 ET (18:17 GMT)
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