Apple CEO Tim Cook attends a meeting at the White House in Washington, D.C. on March 6, 2019. /Credit: SAUL LOEB/AFP/Getty Images
KTLA-TV
Apple announced a $2.5 billion financial package to help address the housing crisis in California, which has worsened in part because of the rapid growth of tech companies.
The company laid out a five-point plan, including $1 billion for an affordable housing investment fund, $1 billion in mortgage assistance for first-time home buyers and opening some Apple-owned land valued at $300 million for development. The remaining $200 million will go toward a San Francisco housing fund and to support vulnerable populations.
In San Francisco, roughly 7,000 people are homeless. There is a shortage of affordable homes across the Bay Area, which is pushing out middle and low-income workers like teachers and restaurant employees. Critics say the influx of tech companies and their well-paid workers has contributed to the ongoing housing crisis.
