Apple has just announced that it is contributing $2.5 billion towards the California housing crisis. The state has seen a rapid surge in homelessness due to a massive increase in rent as well as the inability to get affordable housing in general. Apple mentions its contributions will help elevate those in need and “provide housing for extremely low-income adults, veterans and disabled formerly homeless individuals in San Jose.”
Apple mentioned that close to 30,000 people left their homes in San Francisco between April and June of this year while homeownership in the Bay Area is reportedly the lowest it has been in seven years.
The company also gave a full breakdown of how it intends to distribute the pledged $2.5 billion. Around $1 billion each will go to the affordable housing investment fund and first-time homebuyer mortgage assistance fund. $300 million will go towards Apple-owned and available land for affordable housing. $150 million and $50 million will be set aside for the Bay Area housing fund and to support vulnerable populations.
“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. “Affordable housing means stability and dignity, opportunity and pride. 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 acknowledges that this is a major step and that it will continue to look for ways to support affordable housing and vulnerable communities. One can hope that this will inspire other companies based in the Bay Area to contribute towards ending homelessness.