Apple Has Deployed More Than $1 Billion Towards Affordable Housing Initiatives in California
Apple today announced it has deployed more than $1 billion towards affordable housing initiatives across California over the last 18 months, helping thousands of people in the state become homeowners for the first time.
In partnership with the California Housing Finance Agency, Housing Trust Silicon Valley, and Destination:Home, Apple said the the $1 billion in funding has helped support new housing development and construction, assisted first-time buyers to purchase homes, and expanded programs to reduce homelessness.
This milestone is part of Apple's overall $2.5 billion commitment to combat the California housing crisis, with the state having some of the United States' most expensive residential markets, including the Bay Area where Apple is headquartered. To date, Apple says it has supported affordable housing efforts across 25 counties in the state.
Apple's commitment includes 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, $300 million in Apple-owned land made available for affordable housing, a $150 million Bay Area housing fund, and $50 million to support Destination: Home's efforts to address homelessness in Silicon Valley.
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Top Rated Comments
Instead of [B]Supply / (Demand*10)[/B] try Supply / (Demand*1.5)
Apple throwing money in to a black box isn't going to do anything. Builders want to build. That's what they do. They aren't making money unless they are building. And they don't need incentives from Apple, or any other tech company to do their job. Unfortunately places like CA make it extremely difficult on them. Remove those restrictions and stand back.
Maybe one day CA will catch on before the last productive members of their state leave for better places like Texas and Florida.
The problem is not that Apple has failed to give away money in the past. So giving away money now will not solve the problem. Rather, the problem is a lack of available houses for sale. The solution -- and the ONLY solution -- is for (1) the state and the local municipalities to change zoning laws and issue way more building permits, and (2) eliminate taxes and regulations that prohibit, and drive up the cost of, construction.