Apple Pledges More Than $400 Million Towards Affordable Housing Initiatives in California This Year

Apple today announced that it is allocating more than $400 million toward affordable housing projects and homeowner assistance programs in California this year, as part of the company's multiyear $2.5 billion commitment to combat the housing crisis in the state.

apple housing initiative update page street housing 07132020 big
Apple says the funding will support thousands of Californians with first-time homebuyer assistance or new affordable housing units.

In November 2019, Apple committed $2.5 billion to combat the housing crisis in California across a series of initiatives over several years, including:

  • A $1 billion affordable housing investment fund with the state of California.
  • A $1 billion first-time homebuyer mortgage assistance fund, with increased funding opportunities for essential services personnel, school employees, and veterans.
  • $300 million in Apple-owned land made available for affordable housing.
  • A $150 million Bay Area housing fund, in public-private partnership with Housing Trust Silicon Valley.
  • $50 million to support Destination: Home's efforts to address homelessness in Silicon Valley.

"As cities and states have been forced to pause many of their long-term affordable housing investments amidst the current public health crisis, Apple is proud to continue moving forward with our comprehensive plan to combat the housing crisis in California," said Kristina Raspe, Apple's vice president for Global Real Estate and Facilities.

Top Rated Comments

smallcoffee Avatar
8 months ago
I appreciate the sentiment, but I don't like the idea of corporations trying to solve public policy problems. Where is the state of California in this?

There are also a few issues that come to light that aren't being addressed by this action:

* Continued construction of suburb-style developments versus walkable towns and villages
* Influx of residents to California as a desirable location to live
* Lack of effective public policies in the state of California to address these issues (Prop-13, etc.)
Score: 11 Votes (Like | Disagree)
planteater Avatar
8 months ago

Guess I must’ve arrived too early, I was expecting this comment section to already be filled with “Tim Crook is ruining this company.”
And “Apple’s becoming a part of the radical left.”
“Steve wouldn’t have wasted Apple’s money on BS like this.”
And my personal favorite... “ maybe they should keep business and politics separate.”
Congratulations, that makes you the first then.
Score: 11 Votes (Like | Disagree)
CausticSoda Avatar
8 months ago
This is an ideal job for Jony Ive. Build them thinner.
Score: 9 Votes (Like | Disagree)
TiggrToo Avatar
8 months ago

As a shareholder, how does this initiative maximize shareholder value? I get it can create goodwill in the human sense but can it create such in the financial sense?
Does it have to?
Score: 6 Votes (Like | Disagree)
rjohnstone Avatar
8 months ago
The California way. Throw money at the problem instead of dealing with the cause directly.
CA has had a net loss of tax payers over the years, but has increased taxes every year to cover CA’s ever growing budget demands. So the tax burden per resident is becoming untenable.
CA claims to have budget surpluses, but their unfunded liabilities are insane.
Then you have housing costs. CA severely limits construction of new housing. This drives prices of existing houses through the roof. People buying houses via two mortgages is pretty common. Anywhere relatively close to the coast in So Cal and you’re looking at $750k+ for a 1,200 Sqft. 2 bedroom house. Go north and it isn’t any better.
I love going to CA. Used to take 3-4 vacations a year there. It’s like my second home. Pacific Grove is fantastic. But I’ll never live there. Too expensive.
We have a running joke about PG. You can’t buy a 900 Sqft lean-too for less than a million. We’ve met many people that have lived there for decades. Paid $50k-$60k for their houses back in the late 70’s that are now wroth $4-$5 million.
No new construction permits are issued. The land is there, but only remodel permits of existing property are issued and those take a year plus to get approved.
Money alone isn’t going to solve it, and if CA government is involved, most of the money will get directed to some politicians “preferred vendor” or get eaten up by “administrative fees”.
Score: 6 Votes (Like | Disagree)
x-evil-x Avatar
8 months ago



If I was a young college graduate these houses would be quite appealing.
these look appealing to me at almost 40... Much better than a typical apartment. Doubt they will be anything like this these look expensive.
Score: 5 Votes (Like | Disagree)

Top Stories

jon prosser imac 2021colors

Prosser: 2021 iMac to Come in Five Colors, Apple Silicon Mac Pro to Resemble 'Stacked' Mac Minis

Wednesday February 24, 2021 7:26 am PST by
Hit-and-miss leaker Jon Prosser has today alleged that the upcoming 2021 iMac models will offer five color options, mirroring the colors of the fourth-generation iPad Air, and revealed a number of additional details about the Mac Pro with Apple Silicon. In a new video on YouTube channel FrontPageTech, Prosser explained that the redesigned iMacs will come featuring options for Silver, Space ...
First Look Big Sur Feature2

Apple Releases macOS Big Sur 11.2.2 to Prevent MacBooks From Being Damaged by Third-Party Non-Compliant Docks

Thursday February 25, 2021 10:07 am PST by
Apple today released macOS Big Sur 11.2.2, the fourth update to the macOS Big Sur operating system that launched in November. macOS Big Sur 11.2.2 comes two weeks after the release of macOS Big Sur 11.2.1, a bug fix update. The new ‌‌‌‌macOS Big Sur‌‌‌ 11.2.2‌ update can be downloaded for free on all eligible Macs using the Software Update section of System Preferences....
microsoft edge ios android

Bill Gates Says His Preference for Android Over iPhone is Due to Pre-Installed Software

Friday February 26, 2021 3:35 am PST by
Microsoft co-founder Bill Gates this week participated in his first meeting on Clubhouse, the increasingly popular invite-only conversation app, where he fielded a range of questions as part of an ongoing book tour. Gates was interviewed by journalist Andrew Ross Sorkin, and given that the Clubhouse app is currently only available on iOS, naturally one of the questions that came up was...
flat mbp 14 inch feature yellow

Redesigned 14-Inch MacBook Pro Expected to Feature Brighter Mini-LED Display With Slimmer Bezels and More

Thursday February 25, 2021 7:48 am PST by
Apple plans to unveil new 14-inch and 16-inch MacBook Pro models with Mini-LED-backlit displays in the second half of this year, according to industry sources cited by Taiwanese supply chain publication DigiTimes. The report claims that Radiant Opto-Electronics will be the exclusive supplier of the Mini-LED backlight units, while Quanta Computer is said to be tasked with final assembly of the...
m1 mac mini

M1 Mac Users Report Excessive SSD Wear

Tuesday February 23, 2021 7:07 am PST by
Over the past week, some M1 Mac users have been reporting alarming SSD health readings, suggesting that these devices are writing extraordinary amounts of data to their drives (via iMore). Across Twitter and the MacRumors forums, users are reporting that M1 Macs are experiencing extremely high drive writes over a short space of time. In what appear to be the most severe cases, M1 Macs are sai...
steam apple logo

Valve Ordered to Give Apple Information on 436 Steam Games As Part of Epic Games Legal Case

Thursday February 25, 2021 1:50 am PST by
Valve, the makers behind popular game distribution platform Steam, will be forced to hand over aggregate historical sales, price, and other information on 436 games hosted on the store to Apple, as part of the Apple vs. Epic Games antitrust case. As reported in a paywalled report by Law360, during a virtual discovery hearing on Wednesday, U.S. Magistrate Judge Thomas S. Hixson ordered that...
2021 mbp sd slot feature2

Kuo: New MacBook Pro Models With HDMI Port and SD Card Reader to Launch Later This Year

Monday February 22, 2021 8:52 pm PST by
Apple plans to release two new MacBook Pro models equipped with an HDMI port and SD card reader in the second half of 2021, according to analyst Ming-Chi Kuo, who outlined his expectations in a research note obtained by MacRumors. The return of an SD card reader was first reported by Bloomberg's Mark Gurman last month. "We predict that Apple's two new MacBook Pro models in 2H21 will have...
apple store macarthur center

Apple Store at MacArthur Center in Virginia Permanently Closing Following Years of Safety Issues at Shopping Mall

Thursday February 25, 2021 4:45 pm PST by
Apple today indicated that its retail store at the MacArthur Center shopping mall in Norfolk, Virginia will be permanently closing after over 14 years of business, although an exact closure date has yet to be announced by the company. Apple has assured that it will be offering all employees at the store other positions within Apple, and said that it looks forward to continuing to serve...
qualcomm snapdragon x60 5g

iPhone 13 Lineup Expected to Use Qualcomm's Snapdragon X60 Modem With Several 5G Improvements

Wednesday February 24, 2021 8:10 am PST by
Apple's next-generation iPhone 13 lineup will use Qualcomm's Snapdragon X60 5G modem, with Samsung to handle manufacturing of the chip, according to DigiTimes. Built on a 5nm process, the X60 packs higher power efficiency into a smaller footprint compared to the 7nm-based Snapdragon X55 modem used in iPhone 12 models, which could contribute to longer battery life. With the X60 modem, iPhone...
anker magsafe powercore battery pack

Anker Releases MagSafe-Compatible Battery Pack for iPhone 12 Lineup

Tuesday February 23, 2021 7:49 am PST by
Following rumors that Apple is working on a MagSafe battery pack for iPhone 12 models, popular accessory maker Anker has beaten Apple to the punch with the release of its PowerCore Magnetic 5K Wireless Power Bank. First previewed at CES 2021, the PowerCore battery pack magnetically attaches to the back of any iPhone 12 model and provides 5W of wireless charging. With a 5,000 mAh capacity,...