The housing crisis in California has garnered major attention due to high rates of homelessness, lack of affordable housing, and decreased homeownership over the years. As a result, the tech giant, Apple, is leading the charge by offering a $2.5 billion plan to help address this problem.
In a statement, Apple’s CEO, Tim Cook, said, “Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.”
According to the company, the $2.5 billion Apple commitment allots $1 billion to an affordable housing investment fund, $1 billion to first-time homeowner assistance, $300 million of Apple-owned land for housing, $150 million towards a Bay Area housing fund and $50 million to address homelessness in Silicon Valley. This marks a monumental partnership between Apple and California’s Governor, Gavin Newsom, who states, “This unparalleled financial commitment to affordable housing, and the innovative strategies at the heart of this initiative, are proof that Apple is serious about solving this issue. I hope other companies follow their lead.”
The company’s philanthropic efforts don’t stop there, in addition to the major financial investment, Apple is looking to partner with private developers who can begin construction in the Bay Area immediately. The company expects the funding commitment will take approximately two years to be fully utilized, and returned capital will be reinvested into future projects.
Apple is proving to not only have a finger on the pulse of cutting edge technology but a commitment to offering solutions to combat socio-economic issues as well. By setting the tone on upholding civic responsibilities, hopefully, other major corporations will follow suit and recirculate their consumer-driven profits to improve the quality of life of the communities they serve.