Apple announced on Monday it is committing $2.5 billion to combat the housing crisis in California.
This is a pledge of “unparalleled financial commitment to affordable housing,” Gov. Gavin Newsom (D) said. There is not enough affordable housing throughout the state, made worse in the Bay Area as highly-paid tech workers drive up the price of the limited number of homes on the market. Earlier this year, Google and Facebook said they will each give $1 billion to the effort.
Apple said that $1 billion will go to a fund creating an “open line of credit” for the state to construct new homes for low- to moderate-income households, The Associated Press reports. An additional $1 billion is slated for a mortgage assistance fund for first-time homebuyers, and $50 million will go to fight homelessness in the Bay Area. Apple also owns land in San Jose that it will make available for an estimated 3,600 affordable housing units.
Source:: Business – The Week