Apple invests $1 billion so far for affordable housing in California. Perhaps also because Silicon Valley, and therefore Apple, have made housing more expensive.
Apple comprehensively states in its newsroom , it has committed $1 billion in capital over the past 18 months in its program to address the housing shortage in California. Money for new projects has already benefited thousands of residents in more than 25 California counties, according to the report. In addition, Apple is providing capital to help build thousands of new affordable housing units and support vulnerable communities, the site continues. This "major milestone," according to Apple, in the company's $2.5 billion commitment to address the state's housing crisis, is intended to demonstrate the importance of innovative housing solutions.
Apple supports partners and their projects – and thus also helps itself
In partnership with Destination: Home, the California Housing Finance Agency (CalHFA) and Housing Trust Silicon Valley, the $1 billion in funding has helped support the development and construction of new housing, help first-time buyers:inside purchase homes and expand programs to reduce homelessness, Apple further summarizes the project. California's 25 counties stretch from Alameda and Amador to Ventura and Yolo. In order not only to announce abstract numbers, Apple presents on the website the fate of some supported Californians:inside, who could already benefit from the project.
Back in November 2019, Apple committed to providing $2.5 billion to address California's housing crisis through a series of initiatives over several years, including a first-ever $1 billion affordable housing investment fund with the state of California. In addition, a $1 billion mortgage assistance fund for first-time homebuyers:inside, with expanded financing options for critical service employees, school employees, and veterans. Plus Apple-owned land worth $300 million set aside for affordable housing. Further, a $150 million housing fund for the Bay Area, in public-private partnership with Housing Trust Silicon Valley. And $50 million to help Destination: Home address homelessness in Silicon Valley.
Perhaps Apple's guilty conscience also drove these initiatives – because the settlement of highly paid managers and developers in Silicon Valley and other Californian areas also drove up the prices of apartments and houses accordingly. This has made it additionally difficult to attract qualified and talented personnel seeking affordable housing to Cupertino.