Homes in many components of California are too pricey for low-income and middle-income buyers, which has created a housing affordability disaster in the state. The trouble is specifically acute in Silicon Valley, where Apple is located, as fairly paid tech employees are capable to pay extra for constrained housing stock, using expenses up.
Some of Apple’s $400 million will be used to create a fund that aids first-time low-income and mid-income homebuyers. It will additionally be used to create new lower priced housing gadgets in California, which include “more than 250 new gadgets of low priced housing throughout the Bay Area,” Apple said. Some of these devices will be reserved for humans with developmental disabilities, the homeless, previously homeless and veterans.
Apple’s preliminary $2.5 billion promise was once made in 2019. Here’s how it plans to spend that cash over the coming years:
$1 billion is earmarked for a California cheap housing funding fund.
$1 billion will be spent to aid first-time homebuyers with mortgages.
$300 million will be used to build less costly housing on Apple-owned property.
$150 million will be invested in the Bay Area housing fund.
$50 million will be spent to battle homelessness in Silicon Valley.