Apple today announced a $ 2.5 billion pledge to fight the California housing crisis. That is the biggest commitment of some of the Big Five in the tech industry, all of which have pledged different amounts to help build more affordable housing in and around the cities they operate nearby. The only major US technology company that has yet to pledge a significant sum of money toward the case is Amazon, though Amazon donated $ 8 million over the summer to nonprofit housing organizations.
Apple, based in Cupertino outside San Jose and less than an hour's drive from San Francisco, has more than 1
Microsoft, based just outside Seattle, said in January it would spend $ 500 million. to alleviate similar housing problems in the greater metropolitan area of the city. Seattle has suffered from similar overcrowding and gentrification, as well as a lack of affordable housing, which comes year after year with high paid labor growth and a lack of equally distributed housing options to help people with all incomes live in or near the city.
Nevertheless, the problems around the country – and especially in areas with high concentrations of technical workers – have the same form. It is often much harder to build housing in cities faster than people moving there, and the homes available tend to increase in price, where only higher-paid workers (such as technical staff) can afford to move in. It results in fewer people working and municipal jobs keeping a city running, or having to live longer to do these jobs, while homelessness increases and long-term residents are forced out of neighborhoods their families have lived in for generations.
"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 deep corporate responsibility to ensure it remains a vibrant place where people can live, have a family and contributing to the community, Apple CEO Tim Cook said in a statement. Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know that the course we're on is unsustainable, and Apple is committed to being part of the solution. "
Apple divides the commitment into two large $ 1 billion funds, as a series of smaller donations and promises for various other housing issues:
- $ 1 billion affordable housing investment fund: " The $ 1 billion commitment to the state of California is a prime affordable housing fund that will give the state and others an open line of credit to develop and build additional new, very low to moderate income housing faster and at a lower price. "
- $ 1 billion first time home buyer loan fund: " Work on the state , this first-time home buyer fund will provide hopeful home buyers with financing and disbursement assistance. Apple and the state will explore strategies to increase access to first-time homeowner opportunities for essential service staff, school employees, and veterans. "
- $ 300 million Apple-owned land will be available for affordable housing: " Apple intends to make land available as it owns in San Jose worth about $ 300 million for the development of new affordable housing. "
- $ 150 Million Housing Fund in the Bay Area:" In a public-private partnership, Apple launches a new $ 150 million housing fund with partners including Housing Trust Silicon Valley to support new affordable housing projects. The fund will consist of long-term, forgiving loans and grants. "
- $ 50 Million to Support Vulnerable Peoples:" Apple will donate $ 50 million to support Destination: Home's effort to address homelessness in Silicon Valley. Apple will focus its contribution on driving systemic change across the many factors affecting homelessness. Apple will also identify similar efforts in Northern and Southern California, focusing on strategies that both end and prevent homelessness. "