The iPhone-maker, based in Silicon Valley, said people are leaving the Bay Area because of rising housing crisis.
Most of the funds will help build affordable housing.
Tim Cook noted service workers and teachers are leaving the area surrounding its headquarters at a rapid rate. Apple CEO Tim Cook speaks during Apple's annual Worldwide Developers Conference in San Jose, California, June 3, 2019.said Monday it will contribute $2.5 billion to try and alleviate California's housing crisis, raising the bar for tech companies to commit to the communities in which they reside.
"Before the world knew the name Silicon Valley, and 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, have a family and contribute to the community," said Tim Cook, Apple's CEO in aMonday. "Affordable housing means stability and dignity, opportunity and pride.
The announcement comes as Silicon Valley communities put more pressure on tech companies who have rapidly expanded in the Bay Area
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