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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, 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 firstname.lastname@example.org
(END) Dow Jones Newswires
June 18, 2019 14:46 ET (18:46 GMT)
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