Apple announced it would invest $400 million this year in collaboration with Housing Trust Silicon Valley and the California Housing Finance Agency to address the California housing crisis.
It’s part of the overall $2.5 billion Apple tells it will invest several years on the initiative. Homes in certain areas of California remain too costly for low-income and middle-income homeowners, causing a gap in the state’s home sustainability. The issue in Silicon Valley, where Apple is based, is especially severe because highly paying tech employees may pay more for small housing supply, pushing up prices.
A few of Apple’s $400 million is to be used to build a program that supports homebuyers with low- to mid-income first-time salaries. It will then be used to build new inexpensive California housing units, including “more than 250 new units of affordable housing across the Bay Area,”
Apple has confirmed that any of the units would be designated for individuals with intellectual handicaps, street people, retired street persons and veterans.