Apple is spending $2.5 billion to address California’s housing shortage

Apple has announced a $2.5 billion plan not only to address California’s housing shortage, but also to ease rising costs for renters and home buyers. Apple says the departure of community members such as teachers and first responders has fueled a desire for help. Between April and June this year alone, 30,000 people were forced out of San Francisco, and the bay area homeownership rate is at its lowest in seven years, the company said.
“Before the world knew the name silicon valley, apple called this area home. We feel a deep civic responsibility to ensure that it remains a vibrant place where people can live, have families and contribute to the community, “said Tim Cook, apple’s chief executive. “Affordable housing means stability and dignity, opportunity and pride. When these things get too complicated, life is unsustainable and apple is committed to being part of the solution.”
Of the $2.5 billion, $1 billion will go directly to the housing investment fund and $1 billion to the mortgage assistance fund for first-time home purchases.
Apple plans to develop new affordable housing on its $300 million land in SAN Jose, California. To support the disadvantaged, Apple will also donate $50 million to existing organizations to address homelessness.
“We have close cooperation with leading experts, has a plan to deal with all aspects of the challenge, thus increasing people urgently demand of housing supply, support for first-time buyers and young families and other people in the biggest risk”, the company environment, policy and social programs, vice President of Lisa Jackson (Lisa Jackson) said; “Apple’s commitment to being a good neighbor and helping write the next chapter in the region is home to generational innovation and creativity.”
In a public-private partnership, Apple is launching a new $150 million affordable housing fund with partners including the silicon valley housing trust to support new affordable housing projects. The fund will include long-term forgivable loans and grants.
Governor Gavin of California? Gavin Newsom, chief executive of Gavin Newsom, said: “apple’s unparalleled financial commitment to affordable housing and the innovative strategy at the heart of the plan is proof that Apple is taking this issue seriously and I hope others will follow suit.” “For homeowners and renters, the high cost of housing is the number one quality of life for millions of families in the state, and that can only be addressed by building more homes.”
Apple also said it would “continue to look for ways to support communities and affordable housing.”

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