Apple commits $2.5B to combat California housing crisis
Associated PressApple on Monday said it will put up $2.5 billion toward easing California’s housing crisis. Apple’s commitment Monday includes a $1 billion statewide fund creating an “open line of credit” for the state to build new homes for households with low to moderate incomes. “It’s a recognition that the San Francisco Bay Area is in a major housing crisis,” said David Shulman, a senior economist with the Anderson Forecast at the University of California, Los Angeles. Lisa Jackson, Apple’s vice president of environment, policy and social initiatives, said in a statement that the company worked closely with experts to craft a plan “that confronts this challenge on all fronts, from the critical need to increase housing supply, to support for first-time homebuyers and young families, to essential philanthropy to assist those at greatest risk.” Google and Facebook this year each promised $1 billion to help address high housing costs. Gavin Newsom on Monday called Apple’s pledge an “unparalleled financial commitment to affordable housing,” adding he hopes other companies follow its lead.
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