Apple pledges $ 2.5 billion to address California's housing crisis

The promised money would be fully used over the next two years. Apple has pledged to donate scraps of money to other projects over the next five years.

Cook characterized the plan as a recognition of his "deep social responsibility" to his hometown, noting that cheaper housing meant "stability and dignity, opportunity and pride." The current path was "unsustainable," management said.

Of course, there are pragmatic reasons for the investment as well. The more people leave the area to avoid the heavy housing costs (about 30,000 people left San Francisco only between April and June), the fewer recruits Apple has. These prices also force Apple to increase wages and otherwise use the perks to prevent people from leaving. What the company is using now can come back by accessing a wider pool of talent and keeping employment costs at bay. It's also the simple matter of earning goodwill from politicians ̵[ads1]1; it may have an easier time relaying their agendas if it improves California's society.

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