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Apple Commits $2.5B To Combat California Housing Crisis

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Photo courtesy of Apple
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Apple CEO Tim Cook and California Gov. Gavin Newsom unveiled the tech company's plan to help ease the housing crisis, with Apple pledging $2.5 billion for mortgages, development and other initiatives.

Apple is pitching in $2.5 bilion dollars to help ease California's housing crisis.

$2 billion will go toward an "open line of credit.” That will build new low and moderate income homes, as well as a mortgage assistance fund.Critics point out that this might not make a big difference if it's just focused on cheap financing for development and helping with downpayments for people who are already wealthy enough to buy a home in an expensive area.

But the company has also decided to put the remaining $500 million toward making Apple-owned land available for affordable housing, addressing homelessness, and supporting new affordable housing projects through a nonprofit partnership. Governor Gavin Newsom called Apple’s commitment "unparalleled" and said that he hopes that other companies will follow its lead.