Facebook could soon be your new landlord

Facebook could be your new landlord if you want to live in Silicon Valley’s hottest new real estate development.

The social giant has proposed a plan to build at least 1,500 units of housing near its Menlo Park, California, campus. The apartment would be open to the public, with 15% of units reserved for low- or middle-income families and public servants, like teachers and firefighters.

A Facebook spokesperson tells Tech Insider the company would plan and design the units, but not build them. A third party will develop the buildings, which currently sit in an industrial lot owned by Facebook.

No opening date has been announced.

Facebook’s foray into real estate development comes at a time when the company desperately needs its hometown’s support, as first reported by The Wall Street Journal.

The world’s leading social media company recently announced plans for a massive expansion at its Menlo Park headquarters, which could bring 6,500 new employees to the suburbs south of San Francisco. The influx leaves locals feeling frustrated as housing in Silicon Valley continues to dry up. Meanwhile, rents and home prices are skyrocketing.

The unnamed housing project aims to address this imbalance.

“Facebook is committed to being a good neighbor,” a Facebook spokesperson tells Tech Insider. “We understand that our growth affects the everyday lives of our neighbors, and we want to be respectful and thoughtful about how we approach our expansion.”

Source: techinsider.io

– See more at: http://www.american-apartment-owners-association.org/property-management/latest-news/facebook-soon-new-landlord/#sthash.ibHVSgoX.dpuf

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