Apple pledges $2.5 billion to fight California housing crisis
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.
Apple said $1 billion will go to a fund creating an "open line of credit" for the state to construct new homes for low- to moderate-income households, The Associated Press reports. An additional $1 billion is slated for a mortgage assistance fund for first-time homebuyers, and $50 million will go to fight homelessness in the Bay Area. Apple also owns land in San Jose that it will make available for an estimated 3,600 affordable housing units.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
'Musk's reliance on China draws rising scrutiny'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Biba: the story of a 'legendary emporium'
The Week Recommends Brand's 60th anniversary is being marked with retrospective celebrating the 'iconic shop's cultural importance'
By Adrienne Wyper, The Week UK Published
-
How the Russia-Ukraine conflict has spread to Africa
The Explainer Ukraine is attempting to strengthen its alliances on the continent to counter Russia's growing presence
By Richard Windsor, The Week UK Published
-
Justice Department bites Apple with iPhone suit
Speed Read The lawsuit alleges that the tech company monopolized the smartphone industry
By Rafi Schwartz, The Week US Published
-
House votes to force TikTok to sell or face US ban
speed read The House passed a bill to ban TikTok on national security grounds unless it sells to a non-Chinese company
By Peter Weber, The Week US Published
-
Apple kills its secret electric car project
Speed Read Many of the people from Project Titan are being reassigned to work on generative AI
By Peter Weber, The Week US Published
-
Cellphone use may be lowering sperm count
Speed Read Electromagnetic radiation could be affecting male fertility
By Devika Rao, The Week US Published
-
Nasa reveals first findings from asteroid that could explain origins of life
Speed Read Sample from Bennu has been found to contain an abundance of water and carbon
By Jamie Timson, The Week UK Published
-
NYPD to monitor Labor Day parties using surveillance drones
Speed Read
By Justin Klawans Published
-
Elon Musk announces change to Twitter logo
Speed Read
By Justin Klawans Published
-
Twitter has reportedly threatened to sue Meta over Threads
Speed Read
By Brigid Kennedy Published