The Wall Street Journal's Eliot Brown looks at Facebook's plans to build more housing to help the expansion of its headquarters in Menlo Park, Calif., a suburb of ultra-pricey Silicon Valley.
The firm is hoping to bring 6,500 new employees to its HQ, but where will they live? To ease civic concerns, the social media giant pledged to build at least 1,500 units for the general public.
“There is a lack of housing in the area,” said John Tenanes, Facebook’s head of real estate. “The intent here is to make an impact … it’s to try something new and something bold and to try to make a difference.”
Under the plan, 15% of the units would be reserved for low- or middle-income families, and the company is offering numerous other benefits for the city, including millions of dollars to study and improve transportation.
It is unclear whether Facebook or a third party would develop the buildings, which are located on a site that is currently a set of industrial buildings owned by Facebook. The timing, too, is uncertain.