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
17 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
17 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
17 months ago
This is an ideal job for Jony Ive. Build them thinner.
Score: 9 Votes (Like | Disagree)
TiggrToo Avatar
17 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
17 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
17 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)

Related Stories

studio buds family

Beats Studio Buds Debuting Today With Active Noise Cancellation, Stemless Design, and More for $150

Monday June 14, 2021 8:00 am PDT by
We've seen a lot of teasers about the Beats Studio Buds over the past month since they first showed up in Apple's beta software updates, and today they're finally official. The Beats Studio Buds are available to order today in red, white, and black ahead of a June 24 ship date, and they're priced at $149.99. The Studio Buds are the first Beats-branded earbuds to truly compete with AirPods...
os x mountain lion macs 16x9 2

Apple Makes OS X Lion and Mountain Lion Free to Download

Wednesday June 30, 2021 12:19 pm PDT by
Apple recently dropped the $19.99 fee for OS X Lion and Mountain Lion, making the older Mac updates free to download, reports Macworld. Apple has kept OS X 10.7 Lion and OS X 10.8 Mountain Lion available for customers who have machines limited to the older software, but until recently, Apple was charging $19.99 to get download codes for the updates. As of last week, these updates no...
iPhone 13 Dummy Thumbnail 2

Kuo: iPhone 13 to Feature LEO Satellite Communications to Make Calls and Texts Without Cellular Coverage

Sunday August 29, 2021 7:39 am PDT by
The iPhone 13 will feature low earth orbit (LEO) satellite communication connectivity to allow users to make calls and send messages in areas without 4G or 5G coverage, according to the reliable analyst Ming-Chi Kuo. In a note to investors, seen by MacRumors, Kuo explained that the iPhone 13 lineup will feature hardware that is able to connect to LEO satellites. If enabled with the relevant...
youtube apple tv

YouTube Discontinuing 3rd-Generation Apple TV App, AirPlay Still Available

Wednesday February 3, 2021 3:09 pm PST by
YouTube is planning to stop supporting its YouTube app on the third-generation Apple TV models, where YouTube has long been available as a channel option. A 9to5Mac reader received a message about the upcoming app discontinuation, which is set to take place in March.Starting early March, the YouTube app will no longer be available on Apple TV (3rd generation). You can still watch YouTube on...
General Apps Messages

Android iMessage Competitor Puts Pressure on Apple

Friday July 30, 2021 3:15 am PDT by
Google and the three major U.S. carriers, including Verizon, AT&T, and T-Mobile, will all support a new communications protocol on Android smartphones starting in 2022, a move that puts pressure on Apple to adopt a new cross-platform messaging standard and may present a challenge to iMessage. Verizon recently announced that it is planning to adopt Messages by Google as its default messaging...
bluetti eb70 main

MacRumors Giveaway: Win a Bluetti EB70 Portable Power Station and 200W Solar Panel

Friday September 3, 2021 11:13 am PDT by
For this week's giveaway, we've teamed up with MAXOAK to offer MacRumors readers a chance to win a Bluetti portable power station and an accompanying solar panel. Bluetti makes a range of portable power station options that are useful for camping, emergencies, power outages, off-grid living, and similar situations. The Bluetti EB70 is a solid middle of the road option that offers 716Wh and...
personal hotspot 1

Apple Acknowledges Personal Hotspot Issues Affecting Some iOS 13 and iPadOS 13 Users

Saturday March 21, 2020 10:04 am PDT by
In an internal document distributed to Apple Authorized Service Providers this week, obtained by MacRumors, Apple has acknowledged that some iOS 13 or iPadOS 13 users may experience issues with Personal Hotspot. Apple has told Authorized Service Providers to expect customers who are unable to connect to a Personal Hotspot or experience frequent disconnection from one. Customers may also...
iphone 13 teal with text

Apple Begins Preparation for iPhone 13 Production Ahead of Fall Launch

Monday June 28, 2021 3:29 am PDT by
We're just a few months away from when Apple is expected to reveal the 2021 iPhone, dubbed the "iPhone 13." In preparation for its launch, it has been pulling in shipments of different components needed to produce the new iPhones, according to a report from DigiTimes. In years past, Apple released its latest iPhone lineup, alongside a new Apple Watch, during a September event at Apple Park....
General Spotify Feature

Spotify Partners With Delta to Provide Free In-Flight Music and Podcasts Service

Thursday September 2, 2021 12:59 am PDT by
Spotify has announced a new partnership with Delta that will see the streaming service take over the "audio" section of Delta's in-flight seatback entertainment, making select playlists and podcasts freely available to all passengers. You are now free to roam about the cabin—and get the music and podcasts you love at 30,000 feet. Beginning today, we're taking off in a new partnership with...