Apple has announced that it will be contributing $2.5 billion to help the shortage of housing in California, the company will be looking to help with more affordable housing.
Apple is looking to make it more affordable to both rent and buy in California and it will put $1 billion into an affordable housing investment fund, another $1 billion will go into a first time homebuyer assistance fund.
Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community,” said Tim Cook, Apple’s CEO. “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.”
The company will also put land worth $300 million to develop affordable housing in San Jose and other investments to existing housing companies will be made.
Source Apple Insider