Apple will spend $ 2,5 billion to solve the California housing crisis

Apple has announced its readiness to spend a financial package worth 2,5 billion dollars to help overcome the housing crisis in California, which was aggravated in part by the rapid growth of technology companies.

Фото: Depositphotos

The company has developed a five-point plan that includes spending $5 billion for an affordable housing investment fund, the same amount for mortgage assistance for first-time home buyers, and opening up some of Apple's $1 million land for development. Another $300 million will go toward San Francisco's housing stock and support for vulnerable populations. Writes about this CNN.

In San Francisco, about 7000 people were left homeless. There is a shortage of low-cost homes in the bay area, crowding out middle and low-income workers such as teachers and restaurant workers from the region. Critics say the influx of technology companies and their highly paid workers has contributed to the ongoing housing crisis.

“Affordable housing means stability and dignity, opportunity and pride,” Apple CEO Tim Cook said in a press release. "When these things become out of reach for too many, we know the path we're on is unsustainable, and Apple (AAPL) is committed to being part of the solution."

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“The money will not be distributed at lightning speed. Apple said it "will take approximately 2 years to fully utilize the amount, depending on the availability of projects." Money earned from the projects will be “reinvested in future projects over the next 5 years,” the company said in a statement.

The financial package was created in partnership with California Governor Gavin Newsom. He said Apple is "serious about addressing this issue" and hoped other companies would follow the tech giant's lead (firms have previously announced financial packages with similar goals, but Apple is the largest).

In June, Google promised to allocate 1 a billion dollars for the redevelopment of company-owned land for affordable housing and created an investment fund to encourage developers to create at least 5000 affordable housing units in the region. In January, Facebook teamed up with organizations to raise 500 million dollars to fight the housing crisis.

The housing issue has attracted widespread attention and has been the subject of serious debate in recent elections in the state of California.

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In November 2018, voters passed the largest corporate tax hike in San Francisco history, an issue that pitted Salesforce (CRM) CEO Marc Benioff against Twitter and Square chief Jack Dorsey. Benioff accused Dorsey and other tech leaders who opposed the campaign of not returning enough resources to the city where their companies are located.

As technology companies expand, their highly paid employees create an imbalance in supply and demand for housing, raising housing prices in California to sky-high figures.

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