Apple offers USD 2.5 billion to address California housing crisis

Apple anunced on Monday that it would commit USD 2.5 billion over next two years to help address short of affordable housing in California and reduce homelessness. move by Apple follows similar initiatives from Silicon Valley peers Google and Facebook, which each have pledged USD 1 billion for housing programmes. "Before world knew name Silicon Valley, and long before we carried techlogy in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to community," said Apple chief executive Tim Cook in a statement.

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"USD 1 billion will go to affordable housing fund," says Tim Cook

"Affordable housing means stability and dignity, opportunity and pride. When se things fall out of reach for too many, we kw course we are on is unsustainable, and Apple is committed to being part of solution." Apple said data showed some 30,000 people left San Francisco between April and June of 2019 and that its efforts are geared to help "community members like teachers, firefighters, first responders and service workers" who cant find affordable lodging. Apple said it was working with California Goverr Gavin Newsom on several programs to address housing and homelessness. iPhone maker said USD 1 billion will go to state's affordable housing fund that will extend credit to develop and build additional housing faster and at a lower cost.

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Apple also said it would make available land it owns in San Jose worth some USD 300 million for homes. company is committing USD 200 million to support new lower-income housing in Bay Area, including USD 150 for a public-private partnership. It will also offer USD 50 million to support efforts to address homelessness in Silicon Valley with nprofit group Destination: Home. "We have worked closely with leading experts to put toger a plan that confronts this challenge on all fronts, from critical need to increase housing supply, to support for first-time homebuyers and young families, to essential philanthropy to assist those at greatest risk," said Lisa Jackson, Apple's vice president for environment and social initiatives.

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