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Is Facebook Getting into the Landlord Business? | By: Fellow GDREIA Members

Is Facebook Getting into the Landlord Business?
 
BY BRAD BECKETT ON JULY 28, 2016

Is Facebook getting into the landlording business?  Gizmodo is reporting that the social media giant is proposing to build 1500+ housing units as part of the planned expansion of their headquarter in Menlo Park, California.  The proposed units will not just be restricted to Facebook employees, but also available to members of the general public.   Their mixed-income development plan calls for 15% of the units going to low to middle income families.  Silicon Valley has been experience a housing shortage for years and is one of the most expensive places to live in the country.

Understandably, skeptics abound:
“Facebook has pledged that 15 percent of the new units it creates will go to low- or middle-income families. Which is great until you realize that 85 percent of the building will probably be ridiculously expensive and probably populated by local tech bros.”

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