Google renounces affordable housing exemption
Google will give up tax deduction or subsidy for the development of downtown San Jose mega campus.
Google will build a project of 1,04 million square meters of office space and 325 multi-family residences in the region. The project will be called Delmas Park. Google would receive a $ 4.8 million exemption from affordable housing charges. However, this exemption was waived.
Delmas Park Project was purchased from Trammell Crow Company. Often urban planners demand developers to pay $ 17.83 per rentable square meter to finance housing projects.
On Tuesday, Googlemass Real Estate Development Director, Alexa Arena, asked for the project to be removed from this scope.
“Based on our analysis and our shared goals to contribute to the city’s affordable housing priorities, we intend to move forward with a program that complies with the Inclusionary Housing Ordinance,” Arena wrote. “We are committed to fulfilling our inclusionary requirement through delivering affordable housing onsite.”
Sevdenur Demir / [email protected]