As the San Francisco Bay area continues to face low affordability, Stanford University has offered to invest $3.4 billion in housing development in Santa Clara County. The offer includes 2,172 workforce housing units, including 575 front-loaded Below Market Rate housing units, developed concurrently with a 1.2 percent annual growth rate of its academic facilities over roughly two decades.
“The Stanford community is confronting the serious regional challenges of affordability, housing availability and traffic congestion, and we’re working to do our part to promote solutions that serve Stanford and our neighbors,” said Stanford President Marc Tessier-Lavigne in a statement. “This offer reflects our values as a residential university committed to sustainable development and service to the community.”
The offer, totaling $4.7 billion, $1.17 billion to expand sustainable commute programs and funding for local bicycle, pedestrian and transit infrastructure projects in neighboring San Mateo County communities and Palo Alto as well as $138 million in funding for the Palo Alto Unified School District.
“Stanford continues to be a leader in improving the quality of life in our region by addressing housing affordability and access and finding innovative transportation solutions,” said Rosanne Foust, President & CEO, San Mateo County Economic Development Association (SAMCEDA). “Stanford currently is one of the most progressive employers in the region when it comes to providing housing and operates world-renowned sustainable commute programs that take millions of trips off the roads each year. With this offer, Stanford is raising the bar once again and showing its commitment to address housing and transportation challenges facing our region.”
Stanford’s offer comes on the heels of Google’s announcement that it will spend $1 billion on efforts aimed at increasing affordable housing in the San Francisco Bay area. Part of the plan is to utilize some of Google’s land.
The Bay Area is one of the most expensive areas in the country. Despite a 39% increase in inventory and an ongoing increase in affordability within the San Francisco Bay area, many homeowners and potential homeowners are still finding the area unaffordable.