Apple CEO Tim Cook gestures after opening the recently renovated Apple Store on Fifth Avenue on September 20, 2019 in New York City.
Kena Betancur | AFP | fake pictures
Apple said Monday that it will spend $ 400 million this year to combat the California housing crisis in association with the Silicon Valley Housing Trust and the California Housing Finance Agency.
It is part of a total of $ 2.5 billion that Apple says it will spend on the initiative for several years.
Homes in many parts of California are too expensive for low- and middle-income homebuyers, creating a housing affordability crisis in the state. The problem is particularly severe in Silicon Valley, where Apple is located, as high-paying tech workers can pay more for a limited stock of homes, driving up prices.
Some of Apple’s $ 400 million will be used to create a fund to help low- and middle-income homebuyers for the first time. It will also be used to create new affordable housing units in California, which include “more than 250 new affordable housing units across the Bay Area,” Apple said. Some of those units will be reserved for people with developmental disabilities, homeless, formerly homeless, and veterans.
Apple’s initial promise of $ 2.5 billion was made in 2019. Here’s how it plans to spend that money for years to come:
- $ 1 billion is earmarked for an affordable housing investment fund in California.
- $ 1 billion will be spent to help first-time home buyers with mortgages.
- $ 300 million will be used to build affordable housing on Apple-owned properties.
- $ 150 million will be invested in the Bay Area housing fund.
- $ 50 million will be spent to combat homelessness in Silicon Valley.
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