Apples houses

Apple has announced a $2.5bn plan to help address the housing crisis in California, hoping to solve the need for affordable housing as it fails to keep pace with the region’s growth.

“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.

Apple’s commitment includes a $1bn affordable housing investment fund that will provide the state and others with the credit to develop and build additional new, very low- to moderate-income housing, $1bn first-time homebuyer mortgage assistance fund: and making $300m of Apple-owned land available for affordable housing.

Apple will also provide $200m to support new lower-income housing and help some of the most vulnerable populations in the Bay Area.

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