Google plan gives $1 billion in land, funds to affordable housing

Google plan gives $1 billion in land, funds to affordable housing

Google has rolled out a $1 billion plan to develop housing in the San Francisco Bay Area, a corner of the country struggling with homelessness and a lack of affordable housing.

CEO Sundar Pichai said in a posted announcement that  company-owned land, worth at least $750 million and primarily zoned for commercial properties, will be used to build at least 15,000 homes. They will include residences that middle and low-income families can afford and be constructed over the next decade. 

Google will also create a $250 million investment fund to spur builders to create at least 5,000 affordable homes throughout the area.

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“Across the region, one issue stands out as particularly urgent and complex: housing,” Pichai said. ” The lack of new supply, combined with the rising cost of living, has resulted in a severe shortage of affordable housing options for long-time middle and low income residents.”

The median price of a home in San Francisco is $1.2 million. 

Google says that it will also continue giving grants to groups that assist the homeless and others trying to cope with the Bay Area’s expensive housing.  

Follow Charisse Jones on Twitter @charissejones

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