This archive report was first published on 4 November 2019.
On November 4, 2019, Apple announced a $2.5 billion plan to help alleviate the housing crisis in California, a state where the tech giant is headquartered.
The plan includes a $1 billion affordable housing investment fund and another $1 billion to assist first-time home buyers in securing mortgages.
According to Apple's chief executive, Tim Cook, 'Affordable housing means stability and dignity, opportunity and pride.' He added, '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.'
Apple's initiative follows similar efforts by other Big Tech companies based in California. Facebook pledged $1 billion in a package of grants and loans last month, while Google committed $1 billion in June. Microsoft also pledged $500 million toward affordable housing in Seattle in January.
Apple's plan involves making available land it owns in San Jose, valued at $300 million, for new affordable housing. The company will also provide $150 million to support affordable housing in the Bay Area and $50 million to address homelessness in Silicon Valley.
