Apple commits $2.5B to combat housing crisis in California
California has a housing availability and affordability problem and Apple wants to help.
On Monday, Apple announced a comprehensive $2.5 billion plan to help address the crisis.
Costs have skyrocketed for renters and potential homebuyers, combined with the availability of affordable housing, fails to keep pace with the region’s growth.
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That has caused teachers, firefighters, first responders and service workers to make difficult decisions to leave the community.
Nearly 30,000 people left San Francisco between April and June of this year according to real estate news and analysis website Redfin.
Homeownership in the Bay Area is at a seven-year low, according to the U.S. Census Bureau data analyzed by the Mercury News.
"Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community,” said Tim Cook, Apple’s CEO. “Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.”
Apple’s commitment to the state of California includes:
$1 billion affordable housing investment fund.
$1 billion first-time homebuyer mortgage assistance fund
$300 million Apple-owned land will be available for affordable housing
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Apple intends to make available land it owns in San Jose worth approximately $300 million for the development of new affordable housing.