Apple Slices $2.5B Into Housing Fund Projects

Daniel Fowler
November 7, 2019

Apple's spending commitment includes a $1 billion affordable housing investment fund and a $1 billion first-time homebuyer mortgage assistance fund.

Bernie Standers, who's a Democratic Presidential Candidate for U.S.A elections, 2020 shouldn't be more than happy and satisfied by Apple's concept of funding within the housing society. In June, Google had pledged $1 billion to redevelop a portion of the properties it owns for affordable housing developments.

In a press release published this week, Apple CEO Tim Cook stated that his company does value the importance of providing affordable housing. "Almost 30,000 people left San Francisco between April and June of this year1 and homeownership in the Bay Area is at a seven-year low", Apple said.

Apple announced a $2.5 billion financial package to help address the housing crisis in California, which has worsened in part because of the rapid growth of tech companies. "The Golden State's fundamental housing problem is that state and local laws simply don't allow developers to build enough housing to accommodate rising demand", Timothy B. Lee writes for Ars Technica.

Although Sanders has criticized Apple for the initiative, California Gov. Gavin Newsom praised the tech giant for the investment in his state.

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The move by Apple follows similar initiatives from Silicon Valley peers Google and Facebook, which each have pledged $ 1 billion for housing programmes. The median price for a single-family home or condo in San Francisco has hit $1.4 million while if you want to buy something larger you'd have to shell out as much as for a castle in Italy or a Mexican island.

The plan has a number of goals, including "to accelerate and expand new housing production; jump-start long-term developments that would otherwise not be possible; help first-time buyers purchase homes; and support new housing and programs to reduce homelessness".

Newsom cheered Apple's commitment on Monday, saying in a statement it is "proof that Apple is serious about solving this issue".

Apart from these all, it, too, has seen that Sanders pointed out to the company by saying that Apple is now the tech industry tax evader. The remaining $200 million will go towards a San Francisco housing fund. Apple's current headquarters - a ring of gleaming metal and glass nicknamed the "spaceship" in Cupertino, Calif., - sits less than eight kilometres from the suburban family home where co-founders Steve Jobs and Steve Wozniak assembled the first Apple computers in the 1970s.

The company will also make Dollars 300 million worth of its land available for affordable housing, in San Jose. Many of these companies have grown so big so fast that they've exacerbated the housing shortage in places such as Silicon Valley, where restrictive zoning makes it expensive to build.

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