The housing crisis in California has reached considerable proportions. Apple wants to take countermeasures with an initiative that has a volume of 2.5 billion dollars.
According to Apple, the availability of affordable housing has fallen to a precarious level. This has unprecedented consequences, as people like firefighters, teachers and the like are unable to keep their homes and are increasingly leaving the area. Around 30,000 people in San Francisco alone were forced to turn their backs on their homeland in the second quarter of this year.
So Apple wants to counteract
Apple’s commitment includes various points. These are
- 1 billion dollars via a housing fund to flow into the construction of low-cost housing
- 1 more billion dollars to benefit home buyers. These are financing and advance payments, which are disbursed together with the state
- Apple provides $300 million worth of land for the project
- A new housing fund has been set up with partners and will be filled with 150 million. It consists of interest-bearing loans and subsidies
- A donation of 50 million dollars will be donated to support “Destination”
With these measures one hopes to be able to counteract homelessness.