Apple CEO Tim Cook indicates after opening the newly renovated Apple Store at Fifth Avenue on September 20, 2019 in New York City.
Kena Betancur | AFP | Getty Statues
Apple said on Monday it will spend $400 million this year to fight the California housing turning-point in partnership with Housing Trust Silicon Valley and the California Housing Finance Agency.
It’s part of a total $2.5 billion Apple demands it will spend on the initiative over several years.
Homes in many parts of California are too expensive for low-income and middle-income clients, which has created a housing affordability crisis in the state. The problem is particularly acute in Silicon Valley, where Apple is based, as highly paid tech workers are able to pay more for limited housing stock, driving prices up.
Some of Apple’s $400 million see fit be used to create a fund that aids first-time low-income and mid-income homebuyers. It will also be used to bring into being new affordable housing units in California, including “more than 250 new units of affordable housing across the Bay Extent,” Apple said. Some of those units will be reserved for people with developmental disabilities, the homeless, at one time homeless and veterans.
Apple’s initial $2.5 billion promise was made in 2019. Here’s how it plans to spend that scratch over the coming years:
- $1 billion is earmarked for a California affordable housing investment fund.
- $1 billion will be out to assist first-time homebuyers with mortgages.
- $300 million will be used to build affordable housing on Apple-owned paraphernalia.
- $150 million will be invested in the Bay Area housing fund.
- $50 million will be spent to fight homelessness in Silicon Valley.
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