Apple Commits $2.5 Billion to Fight California Housing Crisis

Apple on Monday announced that it would commit $2.5 billion to easing a housing shortage that has seen property prices skyrocket across California.

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Apple's commitment includes $1 billion in affordable housing investments, $1 billion in mortgage assistance for first-time homebuyers, and $300 million worth of Apple land opened up to affordable housing projects.

"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 is also launching a new $150 million affordable housing fund with Bay Area partners including Housing Trust Silicon Valley to support new affordable housing projects. The fund will consist of long-term forgivable loans and grants.

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Tim Cook and California Governor Gavin Newsom, discussing the land Apple is freeing up for affordable housing

"This unparalleled financial commitment to affordable housing, and the innovative strategies at the heart of this initiative, are proof that Apple is serious about solving this issue. I hope other companies follow their lead," said Gavin Newsom, governor of California. "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. This partnership with Apple will allow the state of California to do just that."

In addition, Apple will donate $50 million to support Destination: Home's efforts to address homelessness in Silicon Valley. Apple says it will focus its contribution on driving systemic change across the many factors affecting homelessness. Apple will also be identifying similar efforts in Northern and Southern California, focusing on strategies that both end and prevent homelessness.

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Top Rated Comments

Pepe4life Avatar
60 months ago
Perhaps Gavin Newsom can spend less taxpayer money on illegal aliens and use the money on Americans in need.
Score: 64 Votes (Like | Disagree)
ThyleUllar Avatar
60 months ago

so what is the payback for shareholders with this? Its still a publicly traded company Tim
Supporting the community of its headquarters is supporting Apple itself. Apple needs the area to be affordable for its own prospective employees and their families, and a place they want to stay. They may lose potential or current employees if the community is not affordable for them or the others that are needed to support it—like the first responders mentioned in the press release. Maintaining the cost of living inflation will also reduce the inflation of Apple’s own payroll.

Then there’s the whole PR goodwill thing.

This is just as much a strategic business move for Apple as it is a community investment.
Score: 27 Votes (Like | Disagree)
keysofanxiety Avatar
60 months ago

Remember in the movie “Robocop” and OCP was building Old Detroit. Apple is becoming OCP.
Oh boy... SIRI-209 would be terrifying.

“You have 20 seconds to comply.”

”Hey Siri, stand down!”

“I’m sorry, I didn’t find anything on the web for ‘standrown’. You have 10 seconds to comply.
Score: 23 Votes (Like | Disagree)
e-coli Avatar
60 months ago

Perhaps Gavin Newsom can spend less taxpayer money on illegal aliens and use the money on Americans in need.
This is terrible and utterly classless. The problem definitely isn’t the billionaire oligarchs in CA, but a powerless class of people with no voice who are easy to scapegoat. :rolleyes:
Score: 19 Votes (Like | Disagree)
newdeal Avatar
60 months ago
so what is the payback for shareholders with this? Its still a publicly traded company Tim
Score: 18 Votes (Like | Disagree)
zappa2001 Avatar
60 months ago
Remember in the movie “Robocop” and OCP was building Old Detroit. Apple is becoming OCP.
Score: 17 Votes (Like | Disagree)