Facebook headquarters in Menlo Park/Facebook.com In communities surrounding the Bay Area, affordable housing is one big, hot-button topic. High paying tech jobs are welcoming new residents to the area, but not everyone can afford to call it home anymore. Partly responsible for the surge in local economy and home prices, one of Silicon Valley's major players is trying to make living there a little more attainable for a number of lucky residents. Earlier this summer, Facebook announced plans for the construction on a 56-acre plot of land in Menlo Park just south of the company's headquarters. The Prologis Campus will feature 1,500 units, and 15 percent -- around 225 -- of those will be affordable units for low- to middle-income residents. Regardless of their affiliation to the social media giant, tenants will have access to the below-market rate units, Facebook says. The plans for a new extension of the campus, which includes the residential spaces and two new offic...
- Menlo Park's housing market is currently priced as high luxury, and the market is swaying very far in the favor of sellers.
- Facebook's new campus extension plan would include affordable housing units, a hotel space and more for employees and residents not affiliated with the company.
- The campus plan includes contributions to initiatives such as the Dumbarton Corridor Study, Housing Inventory and Local Supply Study, Workforce Housing Program and the Housing Innovation Fund.
Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel