Alphabet Inc’s Google on Tuesday announced an additional $1 billion investment in housing across the San Francisco Bay Area.
Google said over the next 10 years, it would repurpose at least $750 million of its land, most of which is currently zoned for office or commercial space, as residential housing. The company says that it will be able to develop homes across all income levels in the Bay Area.
“This will enable us to 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,” Google said in a blog post.
The company also plans to start a $250 million investment fund so that incentives can be provided to developers in building at least 5,000 affordable housing units across the market.
Google expressed its long term goal in the blog post as well. “Across all of this, our goal is to help communities succeed over the long term, and make sure that everyone has access to opportunity, whether or not they work in tech. Solving a big issue like the housing shortage will take collaboration across business, government and community organizations, and we look forward to working alongside others to make the Bay Area a place where everyone who lives here can thrive.”