Apple unveiled a $2.5 billion commitment 'to combat the housing crisis in California'
The Apple logo is displayed on the exterior of an Apple Store on Feb. 1, 2018 in San Francisco.
It said its initiative was designed to help address the "housing availability and affordability crisis" in partnership with Gov. Gavin Newsom, the state and community-based organizations. "Apple is providing a significant investment that offers statewide housing support, as well as funding for projects in Silicon Valley and the Bay Area," it said.
Apple in its announcement highlighted that costs are skyrocketing for renters and potential homebuyers alike, meaning that "community members like teachers, firefighters, first responders and service workers are increasingly having to make the difficult choice to leave behind the community they have long called home." It cited data showing that nearly 30,000 people left San Francisco between April and June of this year, and homeownership in the Bay Area is at a seven-year low.
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