Apple commits $2.5B to combat California housing crisis

CUPERTINO, Calif. (AP) — Apple says it’s committing $2.5 billion to combat California’s housing crisis.

The pledge announced Monday includes a $1 billion fund to build new homes for households with low to moderate incomes; a $1 billion homebuyer mortgage assistance fund; and $300 million to make Apple-owned land in San Jose available for affordable housing.

The commitment eclipses similar pledges from fellow San Francisco Bay Area tech giants Google and Facebook, which have each promised about $1 billion.

Democratic Gov. Gavin Newsom is calling Apple’s pledge an “unparalleled financial commitment to affordable housing” and says he hopes other companies follow its lead to help ease sky-high housing costs by building more homes.

The Bay Area has been swamped with affluent tech workers, leading to bidding wars for the limited supply of homes.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.