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I'm reading this as Google has a bunch of land and they want to cash in on sky-high prices.
by ikeboy 7y ago
I'm reading this as Google has a bunch of land and they want to cash in on sky-high prices.
- ketzo 7y agoEh. If you wanna be cynical, they could've cashed in harder by building more commercial real estate. They say they're specifically rezoning a bunch of land that's currently zoned for office or commercial space, so I gotta give 'em some credit.
- ikeboy 7y ago>First, over the next 10 years, we’ll repurpose at least $750 million of Google’s land, most of which is currently zoned for office or commercial space, as residential housing. This will enable us to support the development of at least 15,000 new homes at all income levels in the Bay Area, including housing options for middle and low-income families. This doubles their investment if the average home price net of costs is 100k. It seems likely the number will be way above that, just glancing at median home prices.
- ikeboy 7y agoI don't know offhand - is commercial space more valuable?