Stanford Offers $4.7 Billion for California Housing, Transit
- Bay Area faces soaring housing costs from tech industry boom
- University offer comes amid dispute with local officials
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Stanford University, hoping to appease officials opposed to its planned expansion, is offering to spend $4.7 billion to relieve pressures on housing and transit that are plaguing residents of California’s Bay Area.
The offer would be part of an agreement with Santa Clara County to support the school’s application for a long-term land use permit, according to a statement Monday from Stanford. It would invest $3.4 billion in housing development and more than $1.1 billion in transportation upgrades and “other community benefits,” according to the statement.