Google and Microsoft have recently made similar announcements.
Apple’s US$2.5 billion commitment will include a US$1 billon affordable housing investment fund, a US$1 billion first-time homebuyer mortgage assistance fund, US$300 million in Apple-owned and available land for housing, a US$150 million Bay Area housing fund, and US$50 million earmarked for supporting “vulnerable populations.”
Apple today announced a comprehensive $2.5 billion plan to help address the housing availability and affordability crisis in California. As costs skyrocket for renters and potential homebuyers — and as the availability of affordable housing fails to keep pace with the region’s growth — community members like teachers, firefighters, first responders and service workers are increasingly having to make the difficult choice to leave behind the community they have long called home. Nearly 30,000 people left San Francisco between April and June of this year and homeownership in the Bay Area is at a seven-year low.
With these announcements, these tech companies are recognizing they have contributed to the housing problems.