(Apple CEO Tim Cook)
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, reports CNN.
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.
“Affordable housing means stability and dignity, opportunity and pride,” said Apple CEO Tim Cook in a press release. “When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple (AAPL) is committed to being part of the solution.”
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