In 2019, Google announced that it would invest $10 billion to build a2 affordable housing units, a plan to alleviate the rising housing costs and housing shortages in the Bay Area, has apparently been terminated.
Landlease, the real estate developer that collaborated with Google on the project, said that after Google reviewed its real estate investment plans, it believed that the agreement between the two parties was no longer based on mutual benefit and decided to terminate the cooperation.
However, a Google spokesperson stressed that it has not completely terminated its real estate construction plans for investment in the Bay Area, and stressed that it will continue to look for suitable partners and continue to advance previously promised investment projects.
Previously, Google announced a $10 billion investment to help improve housing in the Bay Area. This includes building 10 affordable housing units over the next 7.5 years on land Google owns, valued at approximately $2 million, to ensure that low- and moderate-income households have priority access to housing. This investment will cover the area west of downtown San Jose, from Sunnyvale to Moffett Park, as well as Middlefield Park in Mountain View and the North Bay Shore.
However, due to the impact of the epidemic starting in 2020, which led to changes in work patterns, the company subsequently faced the problem of recruiting too many staff during the epidemic and had to adjust after the epidemic eased, making it impossible for Google to invest additional resources in real estate construction in the Bay Area.
