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 company laid out a five-point plan, including $1 billion for an affordable housing investment fund, $1 billion in mortgage assistance for first-time home buyers and opening some Apple-owned land valued at $300 million for development. The remaining $200 million will go toward a San Francisco housing fund and to support vulnerable populations. In San Francisco, roughly 7,000 people are homeless.
Read MoreThe financial package was created in partnership with California Governor Gavin Newsom. He said that Apple is"serious about solving this issue" and hopes other companies follow the company's lead. Other tech companies have announced financial packages with similar goals, although Apple's is the largest.
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