MENLO PARK, Calif.–There is another new player in housing: Facebook.
As the company faces controversy over expansion of its headquarters here, it has announced it will give back to the community by building at least 1,500 housing units that can be rented by the general public—not just Facebook employees.
The initiative is part of an aggressive PR strategy by the social media giant to support its argument that it does not exacerbate income inequality in markets where it develops real estate. Facebook said that 15% of the new units it creates will go to low- or middle-income families.
Facebook has drawn thousands of new residents into the Menlo Park market surrounding its headquarters. It is now seeking to add another 1.1-million square feet.
In 2013, the company built a 394-unit housing community near its offices that included its own sports bar, outdoor pool, and pet daycare.