Houses in San Jose.

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Google Pledges $1 Billion For Bay Area Housing

June 18, 2019 - 12:03 pm

Google will invest $1 billion in housing in the Bay Area, according to blog post from CEO Sundar Pichai published on Tuesday. 

The tech powerhouse would repurpose $750 million of land owned by the company for at least 15,000 homes for people at a variety of income levels. The other $250 million would establish incentives for real-estate developers to build 5,000 so-called affordable units. 

"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," Pichai wrote. 

Construction will begin immediately with the first houses becoming ready for residents 'in the next few years," Pichai said in the blog. 

San Jose Mayor Sam Liccardo said he looks forward to working with the company to help thousands of San Jose residents who are struggling as the price of rent has grown exponentially. 

Google's plans for a "mega-campus" in downtown San Jose have created concerns that many long-term residents and businesses will be displaced. A report issued last week by Working Partnerships USA warned that Google's project could precipitate large rent increases if thousands of homes weren't built.