Apple, an American multinational technology company, has pledged to provide financial assistance to California's citizens. The corporation is going to invest in construction and housing, support low and middle class California's citizens as well as build shelter for the homeless.
Apple will commit $2.5 billion to fight the California housing crisis. A part of the financial package, that is $1 billion, will go to the loan fund aimed at constructing houses for the low and middle class. Another $1 billion will be dedicated to provide financial assistance to first-time homebuyers.
The remaining funds allocated by Apple will be distributed as follows. The company will give part of its land valued at $300 million for housing development. The manufacturer will also donate $150 million to support new construction projects in San Francisco and the suburbs. The remaining $50 million will be dedicated to supporting vulnerable populations.
According to analysts, Apple’s financing project outspends similar initiatives of Facebook and Google. Commonly, high income employees of technology companies displace the middle class from the housing market. Apple decided to solve this issue. Remarkably, housing prices in some parts of California are too high and continue to grow. At the same time, few houses are being built in the area. The problem of the homeless is also acute.
