Technology giant Apple on Monday unveiled a $2.5 billion commitment "to combat the housing crisis in California."
It said its initiative was designed to help address the "housing availability and affordability crisis" in partnership with Gov. Gavin Newsom, the state and community-based organizations. "Apple is providing a significant investment that offers statewide housing support, as well as funding for projects in Silicon Valley and the Bay Area," it said. The goal is "to accelerate and expand new housing production; jump-start long-term developments that would otherwise not be possible; help first-time buyers purchase homes; and support new housing and programs to reduce homelessness, after extensively studying the issue and listening to different perspectives."
Said Apple CEO Tim Cook: "Before the world knew the name Silicon Valley, and long before we carried technology 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 the community. Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution."