The tech industry giant answers a call to do more to help alleviate housing prices in the region it calls home by promising to build tens of thousands of units on its own land.
"Google on Tuesday announced a stunning $1 billion commitment to ease the Bay Area’s housing crisis, pledging to add about 20,000 homes across the region," reports George Avalos. Google CEO Sundar Pichai announced the new initiative in a blog post.
"It is the largest single commitment from a tech company to fight the housing shortage that threatens to stall the economic engine of Silicon Valley," according to Avalos.
San Jose Mayor Sam Liccardo released a statement to express support for the initiative, saying the city would work with Google "to ensure today’s announcement manifests itself into housing that will benefit thousands of San Jose residents struggling under the burden of high rents."
Avalos reports that Google plans to spend $750 million of that total on housing on land it owns. The other $250 million will be set aside for an "investment fund that will enable developers to build at least 5,000 affordable housing units across the region."
The announcement follows a recent report by Working Partnerships USA, "a labor-backed organization focused on addressing inequality and poverty in Silicon Valley," that expresses concerns that Google's expansions in San Jose would trigger gentrification and displacement.
Google's announcement might have the largest dollar figure attached to its housing commitment, but it's not the first to promise a large financial commitment to mitigating the regional housing crisis. In January, a group of tech industry companies and philanthropic foundations announced the "Partnership for the Bay's Future," and a promise to spend $500 million to mitigate the housing affordability crisis in the region.
FULL STORY: Google pledges $1 billion to ease Bay Area housing crisis
Google's Decade of Land Acquisition Cresting During the Pandemic
According to reports, Google parent company Alphabet is pulling back on two massive land acquisition deals amidst the economic uncertainty of the COVID-19 pandemic. A development approval setback will also slow the company's expansion.
California's Housing Crisis—No End in Sight
This past year looked promising in terms of opportunities to tackle the state’s housing woes. But most measures failed and the problem is just growing.
Appetite for ADUs Rises in San Jose
San Jose has issued a steadily-rising number of ADU permits in recent years. Now, Mayor Sam Liccardo has implemented measures to ease the process for homeowners who want to build granny flats.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
Test News Post 1
This is a summary
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
Test News Headline 46
Test for the image on the front page.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
EMC Planning Group, Inc.
Planetizen
Planetizen
Mpact (formerly Rail~Volution)
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research
NYU Wagner Graduate School of Public Service