Facebook is getting into real estate. This week, the company proposed building 1,500 apartments near its campus in Menlo Park, California, 15 percent of which it would set aside for low-income families. Urban planners and local developers call it a generous gesture that could bring sorely needed housing to the area.
This is another facet of local economic transformation. It’s a company town, but one company can’t deliver a life’s worth of experience. How will other value-providers, from personal care services to health care, be delivered in company-owned communities? We will see.