Apple Will Give $2.5 Billion to Address the Affordable Housing Crisis in Silicon Valley
Exorbitant real estate values have crowded many people out of the housing market in California’s Silicon Valley. As tech firms have brought in high-dollar talent, homes have become unaffordable to the teachers, firefighters and service workers who must also live there. Homeownership rates in the Bay Area, for example, recently hit a seven-year low. Apple, one of the region’s largest corporate residents, is stepping up to commit $2.5 billion in support for housing and home ownership. “Affordable housing means stability and dignity, opportunity and pride,” Apple CEO Tim Cook wrote in a blog post. “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.” The move follows similar commitments from Google, which announced in July it would give $1 billion for affordable housing in the Bay Area, and Facebook, which announced a $1 billion pledge last month.
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