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$2.5B To Be Spent By Apple To Assist Resolve California’s Housing Crisis

Apple has declared to assist in dealing with the housing emergency in California by providing a $2.5-billion financial package. The housing crisis has deteriorated partly owing to the speedy growth of technology firms. A 5-point plan is being laid out by the firm, entailing an inexpensive housing investment fund of $1B, mortgage assistance of $1B for first-time home purchasers, and making some Apple-possessed property worth $300M available for development. The residual $200M will be given as San Francisco housing fund and to back helpless populations.

Around 7000 individuals are homeless in San Francisco. There’s a dearth of reasonably priced houses across the Bay Area that is driving out low- and mid-income employees like restaurant workers and teachers. Critics state the arrival of tech firms and their well-paid employees has added to the enduring housing crisis. Tim Cook, Apple CEO, in a press release, said, “Affordable housing signifies dignity & stability, pride & opportunity. When these things become inaccessible for a lot of people, we recognize the path we are on is untenable, and Apple is dedicated to being a piece of the solution.”

The fund won’t be given all at once or immediately. The tech giant stated it will “take around 2 Years to be utilized completely based on the projects’ availability.” The project-obtained capital will be “re-invested in potential projects over the subsequent 5 Years,” said the firm. The financial package was made in association with California Governor Gavin Newsom. He stated that Apple is “keen about resolving this problem” and anticipates other firms follow this suit.

Likewise, even in June, Google vowed $1 Billion to rebuild company-possessed property for inexpensive housing and made an investment fund to motivate developers to construct at least 5,000 inexpensive housing units in the area. Facebook, in January, collaborated with groups to raise $500 million to assist in tackling the housing crisis.

David Stillwell Subscriber
Contributing Author At Chemical News Reports 24

In this fast-paced and ever-changing world, technology has been on everybody’s mind. Technology has given so much to this world and that what got David to pursue a Bachelor’s in Information Science and Technology. And after trying hands-on writing gadgets and product reviews, David dedicated his entire focus in the field of writing and it has been 5 years. Even now, he keeps on learning new things, “self-improvisation” being his key motto. David has been given the responsibility to manage the entire Technology domain of the news portal. He also plays an important role in training the newbies.

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