Apple will commit $2.5 billion toward affordable housing in California, amid concerns Silicon Valley’s successes have pushed people out of the area
The company said Monday it would invest $1 billion in an affordable housing investment fund that will help the state develop and build additional low- to moderate-income housing.
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Apple Commits $2.5B to Battling California Housing Crisis'Long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live,' says CEO Tim Cook.
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Apple commits $2.5 billion toward building affordability housing in San Francisco areaApple Inc. said Monday it has committed $2.5 billion to help combat what the technology giant called the "housing availability and affordability crisis" in California, as nearly 30,000 people left San Francisco between April and June and homeownership in the Bay Area is at a 7-year low. Apple said it has committed $1 billion to an affordable housing investment fund, to provide the state and other with a line of credit to develop new very low- to moderate-income housing; $1 billion for a first-time homebuyer mortgage assistance fund, to provide first-time buyers with financing and downpayment assistance; $300 million Apple-owned land in San Jose will be made available to develop affordable housing. The company will also provide $200 million to support lower-income housing in the Bay Area. The stock, which rose 0.6% in premarket trading, has rallied 25.4% over the past three months while the Dow Jones Industrial Average has gained 3.3%.
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Apple commits $2.5 billion toward building affordable housing in San Francisco areaApple Inc. said Monday it has committed $2.5 billion to help combat what the technology giant called the 'housing availability and affordability...
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Apple pledges $2.5 billion to fight California housing crisisApple on Monday said it would commit $2.5 billion to easing a housing shortage that has driven up prices across California.
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