Zuckerberg: Housing Woes Forcing Facebook to Expand Outside Bay Area

Oct 04, 2019

Expensive housing is one of the contributing factors that is forcing Facebook CEO Mark Zuckerberg to consider expanding his company’s offices outside of its Bay Area headquarters.

According to a report in the San Francisco Chronicle, the social media giant has locations in Burlingame, Fremont, Mountain View, Sausalito and Sunnyvale, along with two new towers in San Francisco. But while Zuckerberg said the company would continue investing in the Bay Area to help to build more housing, much of its expansion focus will be elsewhere.

“At this point, we’re growing primarily outside of the Bay Area,” he said during an internal company meeting that was webcasted. “Obviously, we’re still going to be growing a bit here, but the infrastructure here is really, really tapped. You guys all see this. The housing prices are way up. The traffic is bad.”

Facebook operates more than 60 offices around the world, and is in negotiations on a lease at Hudson Yards in New York City. Last year, Facebook Chief Policy Officer Elliot Schrage stated the company allocated more than $18 million dollars to affordable and mixed-use housing developments in Silicon Valley and was working with private partners and local governments to do more.

"Our position is that Silicon Valley has been this extraordinary engine of economic opportunity and if we can't solve the housing and transportation issues, Silicon Valley won't be Silicon Valley," Schrage said at the company's June 2018 shareholders meeting. "These companies like ours will expand elsewhere. So, we feel a real sense of urgency around that."

About the author

Phil Hall

Link copied

Published

Oct 04, 2019

Industry News

Newfi And Addy AI Announce Partnership

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending.Newfi has built innovative lending products and a modern approach to the mortgage market. As the industry evolves, the company continues to exp...

Analysis and Data

Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Homebuyers are putting less money down than they were a year ago, another sign that increased inventory and greater negotiating room are changing the purchase market.The typical down payment fell to $27,100 in the second quarter of 2026, the lowest second-quarter dollar amou...

Nov

Houston, TX

More from

Industry News

CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News

Sep 23, 2026

Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News

Sep 23, 2026

Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies

Sep 23, 2026

Fannie Changes How Rent From A Former Home Counts

Fannie now prohibits leases for departing residences and permits market-analysis tools instead of Form 1007, creating a key documentation difference from Freddie Mac

Regulation and Compliance

Sep 22, 2026

MPF Expands Eligibility For Manufactured And Renovation Loans

The Mortgage Partnership Finance Program has expanded MPF Traditional eligibility for affordable loans, manufactured homes, renovations, and lender-funded assistance

Industry News

Sep 22, 2026