Apple says it’s committing $2.5 billion to combat California’s housing crisis.
The pledge announced Monday includes a $1 billion fund to build new homes for households with low to moderate incomes; a $1 billion homebuyer mortgage assistance fund; and $300 million to make Apple-owned land in San Jose available for affordable housing.
The commitment eclipses similar pledges from fellow San Francisco Bay Area tech giants Google and Facebook, which have each promised about $1 billion.
Democratic Gov. Gavin Newsom is calling Apple’s pledge an “unparalleled financial commitment to affordable housing” and says he hopes other companies follow its lead to help ease sky-high housing costs by building more homes.
The Bay Area has been swamped with affluent tech workers, leading to bidding wars for the limited supply of homes.