Google has announced a $1 billion commitment in support of affordable housing in the Bay Area, as well as $50 million in grants through Google.org to nonprofits working to address homelessness and displacement in the region.
The grants are in addition to a plan announced by the tech giant to repurpose land it owns valued at $750 million, most of which is zoned for office or commercial space, as residential housing, enabling it to support the development of at least fifteen thousand new homes at all income levels over ten years, including housing options for middle- and low-income families. The company also is establishing a $250 million investment fund designed to provide incentives for developers to build at least five thousand affordable housing units across the region.
Building on the $18 million Google.org has made in grants over the past five years to help address homelessness, the new funding will be focused on getting housing construction started immediately and making homes available within the next few years.
"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," said Google CEO Sundar Pichai. "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."