Apple Commits $ 2.5 Billion to Relieve California Housing Crunch

On Monday, Apple announced a $ 2.5 billion plan to help solve the California housing crisis, becoming the newest technology giant in the state to solve a problem it helped cause.

The plan includes $ 1 billion for an affordable housing investment fund and an additional $ 1 billion to help first-time buyers find mortgages.

Apple joins other California-based Big Tech companies to ease the state's severe housing crisis. Facebook said last month it would provide $ 1 billion in a package of grants and loans. In June, Google pledged $ 1 billion for a similar effort in California.

Microsoft pledged $ 500 million to affordable housing in Seattle in January.

Apple's plan includes making available plots it owns in San Jose, which it said were worth $ 300 million, for new affordable housing; $ 150 million to support affordable housing in the Bay area, including long-term forgiving loans and grants; and $ 50 million to address the causes of homelessness in Silicon Valley.

This is an evolving story and will be updated.

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