Apple pledges $2.5 billion to fight California housing crisis

Tim Cook.
(Image credit: Getty Images)

Apple announced on Monday it is committing $2.5 billion to combat the housing crisis in California.

This is a pledge of "unparalleled financial commitment to affordable housing," Gov. Gavin Newsom (D) said. There is not enough affordable housing throughout the state, but the Bay Area is especially unaffordable thanks largely to the highly paid tech workers driving up the price of the limited number of homes on the market. Earlier this year, Google and Facebook said they will each give $1 billion to the effort.

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