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Apple Pledges To Spend $2.5 Billion To Help Solve California Housing Crisis

Apple has announced a $2.5 billion financial package to help address California’s housing crisis. The five-point-plan includes $1 billion for an affordable housing investment fund, $1 billion in mortgage assistance for first-time home buyers, $300 million for opening and developing Apple-owned land, and $200 million to San Francisco housing fund and to support vulnerable populations.

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Due to the rapid growth of tech industries in California, critics say the housing crisis has worsened. Roughly 7,000 people in San Francisco are homeless, and middle and low-income workers are being pushed out because they can’t afford homes in or around the Bay Area.

“Affordable housing means stability and dignity, opportunity and pride,” said Apple CEO Tim Cook in a press release. “When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple (AAPL) is committed to being part of the solution.”

The financial package was created in partnership with California Governor Gavin Newsom. Newsom said that Apple is “serious about solving this issue” and hopes other companies follow the company’s lead.

“The sky-high cost of housing—both for homeowners and renters—is the defining quality-of-life concern for millions of families across this state, one that can only be fixed by building more housing,” Newsom also said.

Apple said it will “take approximately two years to be fully utilized depending on the availability of projects.” Money made on the projects will be “reinvested in future projects over the next five years.”

“Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home,” said Cook.

“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.”

Apple is not the only tech company addressing the housing crisis. In June, Google pledged $1 billion to redevelop company-owned land for affordable housing.

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