Apple Announces $2.5 Billion Investment In New Housing Description video: Anne Makovec reports on Apple announcing $2.5 billion to boost Bay Area affordable housing (11-4-2019) Apple invests $ 2.5 billion in affordable housing Apple committed $ 2.5 billion to tackle […]
Apple Announces $2.5 Billion Investment In New Housing
Anne Makovec reports on Apple announcing $2.5 billion to boost Bay Area affordable housing (11-4-2019)
Apple invests $ 2.5 billion in affordable housing
Apple committed $ 2.5 billion to tackle California’s housing crisis, exacerbated by rapid growth in tech companies.
The company has developed a five-point plan that includes 1 billion investments in affordable housing, 1 billion investments in the form of mortgage assistance, and acquisition of land total cost of 300 million. Remaining 200 million dollars will go to housing stock in San Francisco and to support vulnerable groups.
Today, in San Francisco, about 7 thousand people were left homeless.. There is a shortage of affordable homes across the Bay, crowding out middle- and low-income workers such as teachers and restaurant workers. Experts believe the influx of tech companies and their well-paid workers has contributed to the ongoing housing crisis.
The money will not be distributed immediately. Apple said it would take approximately two years to fully utilize the allocated funds. The money earned from the projects will be reinvested in the future initiatives of the company.
The finance package was created in partnership with California Governor Gavin News. He noted the seriousness with which Apple approached the issue and hopes that other companies will follow suit..
It is noteworthy that some market participants have already announced similar measures, but with less investment.
In June, Google pledged to provide $ 1 billion for the conversion of the land owned by the company for affordable housing and created an investment fund to encourage developers to build at least 5 thousand units of affordable housing in the region.
The housing issue received nationwide attention and was the subject of serious debate during the last California elections..
Policymakers are also proposing plans that will force tech companies to contribute more to affordable housing development.. Seattle City Council reviewed and, ultimately rejected a tax on large employers like Amazon that would fund efforts to tackle the real estate problem.