Facebook To Build Affordable Housing?
In a bid to gain support for campus expansion in Menlo Park, Facebook is floating the unorthodox strategy of building apartments for the general public. Of the proposed 1,500 units, 15% will be reserved for low-income residents.
Facebook’s head of real estate, John Tenanes, tells the Wall Street Journal the plan would address the housing shortage in Menlo Park. The social network is offering Menlo Park millions to upgrade transportation and other community benefits. The latest proposal is different from the deal with the city that would provide 22 units of housing for police, teachers and firefighters.
While the plan has been floated in the press, no concrete details have emerged. A developer or timetable have not been announced.
City officials have voiced some concern about Facebook’s planned campus expansion, and this proposal is one among many put forth to reduce the friction.
There also has been speculation Facebook is planning to move some of its offices north into San Francisco. [WSJ]
