Skip to main content

Facebook Offers Plan for 1,500 Housing Units

Phil Hall
Jul 27, 2016
The social media giant Facebook has put forward a plan to build 1,500 units of rental housing, with 15 percent of the units set aside for low- or middle-income households

The social media giant Facebook has put forward a plan to build 1,500 units of rental housing, with 15 percent of the units set aside for low- or middle-income households.

According to a Wall Street Journal report, the company is moving into residential real estate development as part of its planned 1.1 million-square-foot expansion of its Menlo Park, Calif., headquarters while adding 6,500 new employees. The proposed housing units would be open for the general public, and the development would be situated on a site owned by Facebook that is currently zoned for industrial purposes.

The housing proposal comes at a time when the Silicon Valley market is facing a severe housing shortage. This market added more than 380,000 jobs between 2010 and 2015, but home builders in this area were only able to receive permits for 58,000 during this period.

“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.”

Ray Mueller, a member of the Menlo Park City Council, acknowledged the company’s efforts to help alleviate the local housing shortage.

“If other corporations stepped forward, it would help make a big dent,” he said.

Published
Jul 27, 2016
FormFree Enters Deal To Offer Products to Lenders One Members

Mortgage Cooperative Hopes Automated Borrower Verification Tools Will Enhance Customer Experience

Industry News
Aug 03, 2021
AHP Servicing Names Charles Halko Jr. CFO

Brings 30-Years Of Experience to Chicago-Based Servicer

Industry News
Aug 03, 2021
Ready Capital Announces Deal To Acquire Red Stone

Real Estate Finance Company Expands In Multi-Family Affordable Housing Sector

Industry News
Aug 03, 2021
Anchor Loans Hires Andrew Jewett As SVP, Enterprise Sales

Formerly lead lending at Sundae Inc.

Industry News
Aug 02, 2021
Pretium Adds 3 Execs With Residential Credit Expertise

New Hires Will Serve As Managing Directors

Industry News
Aug 02, 2021
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021