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Apple Commits $2.5B To Combat California Housing Crisis

Photo courtesy of Apple
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.

Christopher was a fellow in the KALW’s Audio Academy class of 2020. He previously interned at NPR. Among other topics, he is interested in reporting on issues of chronic illness, disability, and mental health. Christopher’s background is in film production and social impact strategy. He’s worked with major nonprofits and corporations on developing campaigns that advance social issues.