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Apple will spend $2.5 billion to help ease the housing crisis, which is a Large-Tech has helped to create in California.
Monday’s announcement follows moves by Facebook and Google + to each donate $1 billion to the address on the state of the housing crunch. For many years, activists have put pressure on Silicon Valley companies in order to take into account the impact they have on local communities.
With the ever-increasing costs, in California, employees may be confronted with an unsustainable 90-minute commute, and the costs are prohibitively expensive, even for a six-figure earner. The state has also had to contend with a growing number of homeless people. As Apple notes, almost 30,000 people left San Francisco between April and June of this year, and a house in the Bay Area hit a seven-year low.
All residential buildings are to be seen in San Francisco, California, U.S., on Thursday, Sept. 12, 2019. California lawmakers set a budget to rent a cap, on Wednesday, the coverage of millions of customers, in the biggest step yet in a wave of initiatives to create an affordable-housing crunch nationwide. Photographer: David Paul Morris/Bloomberg via Getty Images
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“Before the world knew the name of the Silicon Valley, and for a long time before we have carried the technology in our pockets, Apple also calls this region home, and we feel a deep civic responsibility to make sure it continues to be a vibrant place where people can live, have a family, and contribute to the community,” said Tim Cook, Apple’s CEO, in a statement. “Affordable housing means stability, dignity, opportunity and a sense of pride. When things are out of reach for far too many, and we know of course that we are on is not sustainable, and Apple wants to be a part of the solution.”
Apple’s commitment includes $1 billion for an affordable housing fund and $1 billion for the first-time homebuyer mortgage assistance fund, $300 million of Apple’s property, and the available land for affordable housing, $150 million for Bay-Area-housing fund and $50 million in support of vulnerable groups of the population.
The first-time homebuyer mortgage assistance fund, you will also see that Apple is working with the state to see how access could be increased for the service of the staff, the school, the staff and the old boys, according to the press release.
“This is an unprecedented financial commitment to affordable housing, and innovative strategies are at the heart of this initiative is proof that Apple is serious about solving the problem. I hope that other companies follow their lead,” said Gavin Newsom, the governor of California.
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Apple’s CEO, Tim Cook, and California’s Gov. Gavin Newsom to discuss with the San Jose land of the Apple, it is available for affordable housing. (Courtesy of Apple)
(Courtesy of Apple)
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“The high cost of housing, both for landlords and for tenants, is to define a quality-of-life care for millions of families across the state, which can only be solved by building more housing. This is a partnership with Apple that makes it possible for the state of California to do just that,” Newsom continued.
Apple’s $50 million donation to help vulnerable groups to support the work of Destination: Home, a group working to eliminate homelessness in the Valley.
“We are so grateful to be Apple’s major philanthropic commitment to the problems of Silicon Valley’s growing homelessness crisis,” said Jennifer Loving, Destination: Home, the chief executive officer. “Thanks to this generous donation, we can make the scale on two of the proven strategies for reducing homelessness in our community, and the production of more permanently affordable housing for our most vulnerable residents, as well as a continuation of the prevention programs that help at-risk families to remain stable and housed.”