Apple Is Giving California $2.5 Billion So People Can Afford to Live There
As any millennial or city dweller or millennial city dweller will tell you, the cost of living has skyrocketed over the last few decades while wages have stagnated, making home ownership almost an impossibility. Apple has seen this hardship amongst many urban areas, specifically in the Bay Area part of California, and have decided to give $2.5 billion towards housing accessibility.
In a press release posted on the tech company's website yesterday, they announced that they are donating money "to help address the housing availability and affordability crisis in California."
Apple's CEO Tim Cook pointed out the fact that the Silicon Valley, where the Apple headquarters are located, was a place many called home long before the company and others like it designated their offices there. Knowing the impact they've had on the region, they are making it their mission to make living affordable there. "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,” Cook said.
The company is working with California's governor, Gavin Newsom, as well as community-based organizations, to hopefully help people who are purchasing a home for the first time, those combatting homelessness, and those who just need extra help in securing a place of their own.
“The sky-high cost of housing—both for homeowners and renters—is the defining quality-of-life concern for millions of families across this state, one that can only be fixed by building more housing. This partnership with Apple will allow the state of California to do just that,” Governor Newsom said.
Apple expects for this financial plan will take two years to be "fully utilized." They are also currently working with private developers to start the construction of budget-priced housing in the Bay Area. Within their investment commitment, they have set aside $200 million to support low-income housing communities and at-risk populations.
If you'd like to see a detailed breakdown of their investment strategy, check out apple.com for more.
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