Google has the right to it, because the government signed a sixty year lease handing it to them to use as they see fit.
That being said, it won't be long until you start seeing JP style coffin hotels start springing up. The main problem with bay area housing and the lunacy surrounding it is NIMBYism at its worst - the majority of places will build high density to handle surging populations and rising rents, but the city fragmentation (the 'bay area' is at least 30 mostly independent cities all packed together each with its own muni code and rules and housing authority) means no significant high density housing will ever get approved (tons of projects are shot down because the locals want to 'protect their own property values', which is a codeword for 'we dont want poor people living near our homes').
So instead we get horrible sprawl, horrible commutes, and the price-out of the support service economy since nobody can afford to be a barista on the peninsula. Google's solution here is to straight up build a company town because mountain view wouldn't let em start building high density apartment blocks