Key Findings:
- Google’s downtown San José expansion could cost renters $235 million in higher rent each year unless the company commits to significant housing production.
- Google and the City of San José can prevent these rent hikes (and the ensuing super-commutes, overcrowding and displacement) by subsidizing the development of 5,284 affordable homes and helping produce 12,450 market-rate units.
- Without sufficient housing built in conjunction with the Google project, San José families would pay five times more in higher rent ($127.4 million each year) than the City expects to collect in property tax revenue from the project ($24.8 million/year).
- By the time Google’s campus is built, rent burdens for Asian, African American and Latino families would rise significantly, making it even more difficult for communities of color to remain in San José.
- Google and the City of San José can set a new standard for tech development that avoids dramatic increases in rents, displacement, and homelessness, while creating quality jobs and new opportunities for local residents.
