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.

apple affordable housing
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.

Note: Due to the political or social nature of the discussion regarding this topic, the discussion thread is located in our Political News forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.

Top Rated Comments

chucker23n1 Avatar
15 weeks ago
Has California tried raising taxes?
Score: 20 Votes (Like | Disagree)
no_idea Avatar
15 weeks ago
Yay! Now I can get a 100sqft “condo” in the Bay Area for $3.4M. Way to go apple!
Score: 13 Votes (Like | Disagree)
TheYayAreaLiving Avatar
15 weeks ago
Oh wow! That’s great, especially how expensive California is.
Score: 12 Votes (Like | Disagree)
Razorpit Avatar
15 weeks ago
Build more houses. Simple solution.

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.
Score: 12 Votes (Like | Disagree)
djdj Avatar
15 weeks ago
Nice! So about 5 or 6 more people can afford to buy a home then…
Score: 11 Votes (Like | Disagree)
TheLastUserName Avatar
15 weeks ago

[IMG width="251px"]https://images.macrumors.com/images-new/macrumorsthreadlogo@3x.png[/IMG] ('https://www.macrumors.com/2021/07/14/apple-affordable-housing-projects-california/')

Apple today announced ('https://www.apple.com/newsroom/2021/07/apple-deploys-1-billion-in-affordable-housing-support-across-california/') 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.

Article Link: Apple Has Deployed More Than $1 Billion Towards Affordable Housing Initiatives in California ('https://www.macrumors.com/2021/07/14/apple-affordable-housing-projects-california/')
You can put all the billions in all the funds that you want. It will not solve the problem for the following reason. There are not enough houses for demand. As a result, buyers are forced to bid up prices on the houses that are available. Giving out billions of dollars simply will result in people using that money to bid up the prices of the same number of available houses to an even ***higher*** level.

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.
Score: 10 Votes (Like | Disagree)

Related Stories

blender banner

Apple Pledges Support for 3D Graphics Tool Blender

Thursday October 14, 2021 8:38 am PDT by
Blender today announced that Apple has joined the Blender Development Fund to support continued development of the free open source 3D graphics tool. Alongside a contribution to the Development Fund, Apple will provide engineering expertise and additional resources to Blender and its broader development community to help support Blender artists and developers, according to the announcement. ...
macbook pro 2021 notch

New macOS 'Compatibility Mode' Options Let Developers Decide How Fullscreen Apps Handle the Notch

Tuesday October 19, 2021 12:55 am PDT by
While users and developers come to terms with the fact that the last-minute notch rumor for the new MacBook Pros was true, Apple has released new Human Interface Guidelines explaining how developers can make the best use of the extended screen areas around the camera housing if they think their app would benefit from it. According to the new documentation, the fullscreen mode in macOS...
apple racial equity and justice

Apple Commits Extra $30 Million to Racial Equity and Justice Initiative

Tuesday August 31, 2021 6:12 am PDT by
In January, Apple launched its Racial Equity and Justice Initiative in the United States with the goal of "building a more just, more equitable world " and an initial commitment of $100 million. Today, the company is recommitting an extra $30 million to the initiative. In a press release, Apple says that the added $30 million will support students, innovators, and communities takes charge in ...
apple encircle provo location

Apple CEO Tim Cook to Attend Fundraising Dinner Benefiting LGBTQ+ Youth

Thursday September 23, 2021 12:25 pm PDT by
Apple CEO Tim Cook, Utah Jazz owners Ryan and Ashley Smith, and Imagine Dragons lead singer Dan Reynolds and his wife recording artist Aja Volkman are set to headline a fundraising dinner on October 13 that will benefit LGBTQ+ youth services non-profit Encircle. Encircle provides mental health services for LGBTQ+ youth and their families. Back in February, Encircle launched a "$8 Million, 8...
Global 500 2021

Apple Leaps Up Fortune Global 500 Rankings

Monday August 2, 2021 7:04 am PDT by
Apple has leaped from third to first place for profit and from twelfth to sixth place for revenue in the Fortune Global 500 rankings of the world's biggest companies. After reaching a record high of $33.3 trillion in last year's rankings, total revenue for the world's biggest companies fell 4.8 percent to $31.7 trillion this year. Even so, the combined sales of all of the companies on the...
fitness plus

UnitedHealthcare Offering Insured Members Free Year of Apple Fitness+

Friday September 24, 2021 3:55 am PDT by
Health insurance provider UnitedHealthcare has announced that a 12-month subscription to Apple Fitness+ will be provided to its fully insured members at no extra cost. Starting November 1, members who already own an Apple Watch will be able to sign up for a yearlong Apple Fitness+ subscription for free. According to UnitedHealthcare, this covers about 3 million of its members across most...
chinafoxconn

Apple Plans to Develop Program to Improve Supply Chain Security

Wednesday August 25, 2021 3:53 pm PDT by
Apple CEO Tim Cook this morning attended a cybersecurity meeting with U.S. President Joe Biden and executives from other tech companies like Microsoft, Google, and Amazon. Following the summit, the White House said that the companies in attendance pledged their help to bolster U.S. cybersecurity efforts, with Apple planning to develop a program to make security improvements across its...
apple maps camera backpack

Apple Surveying Canada's Largest Cities With Specialized Backpacks to Improve Maps

Monday September 13, 2021 7:13 am PDT by
Apple Maps team members wearing specialized camera-equipped backpacks will be walking in Canada's three largest cities of Toronto, Montréal, and Vancouver through October to help improve the Apple Maps app. Apple Maps backpack in Southern California as spotted by Joanna Stern Apple typically drives a fleet of vehicles around the world to collect Maps data, including street-level imagery for...
iPad 9th gen feature

Rumor Suggests Low-Cost Ninth-Generation iPad to Debut at Apple Event Later Today

Tuesday September 14, 2021 1:08 am PDT by
A new rumor suggests that Apple may debut its updated baseline ninth-generation iPad later today, as part of several new product announcements for its "California streaming" event. According to the Weibo account @PandaIsBald, who has shared information regarding iPhone 13 pre-order dates in the past, Apple plans to release the new ninth-generation iPad during or possibly after today's event. ...
8th gen iPad low stock feature 1

8th-Generation iPad Stocks Running Low Ahead of Next Week's Apple Event

Wednesday September 8, 2021 12:26 am PDT by
Apple's entry-level iPad stocks are running low at retail stores and online, indicating an update to Apple's most affordable iPad could be in the offing and may even arrive as soon as this month. Shipping times for the eighth-generation iPad have slipped into October with three to six week wait times, or are "currently unavailable" in the United States and other online markets, including...