Earlier this month, Apple announced a $2.5 billion plan to address the housing crisis in California. As the housing prices continue to rise, community members are being forced to leave behind their homes and move into less expensive neighborhoods (most of which are MILES away from their old communities).
Apple’s $2.5 billion plan is $1 billion for an affordable housing investment fund, $1 billion for first-time homebuyer mortgage assistance fund, $300 million for Apple-owned and available land for affordable housing, $150 million for the Bay Area housing fund, and $50 million to support vulnerable populations. The funding commitment to California will take approximately two years to be fully utilized.
Apple’s approach is to provide the majority of their support for first-time homebuyers and people who are at the greatest risk of experiencing homelessness. "Affordable housing means stability and dignity, opportunity and pride," Apple CEO Tim Cook said. "When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.”
Governor Newsom commented on Apple’s investment saying that Apple hopes to aid in the housing crisis issue and that other companies follow in Apple’s lead.
What do you make of this? Do you think more companies should follow in Apple’s lead and begin to help in social welfare?
This comment has been removed by the author.
ReplyDeleteYes, I do think that more companies in the Bay area should follow in Apple's footsteps. Google announced earlier this year that they'd invest $1 billion to help with the Bay area's housing problems. "Google is pledging to invest $1 billion to help develop 15,000 new homes for all income levels over the next 10 years." Which in the end will allow for more people to afford to live here. Apple seems to be a lot more generous but Google's efforts shouldn't go unnoticed.
ReplyDeletehttps://abc7news.com/business/google-to-spend-$1-billion-to-build-20000-homes-in-bay-area/5351715/
This is a really good thing and I don't mean to make fun of it but this whole thing with Google now doing it too reminds me of the tree thing. If you guys don't remember, recently Elon Musk donated $1 million in trees to MrBeast's #TeamTrees charity. Then right after, a bunch of other famously wealthy people started donating Trees. For example, Donaldson donated $100,000 and dared others to one-up him. Then someone else did $100,001 in response. Donaldson then changed his to $100,002. This competition is very funny and sort of resembles Google contributing to the housing problem. This makes me wonder just how much influence other famous figures have on people.
ReplyDeleteSource: https://www.tubefilter.com/2019/10/30/elon-musk-mrbeast-team-trees-donation-total/
While I agree that this is a commendable effort by Apple, and the other tech companies, it is important to realize why there is such a housing crisis in the first place. Apple creates an influx for workers moving in who want to work there, and as population influx usually far outstrips housing development, housing prices go up to the point that only the wealthy tech workers who work at companies like Apple are able to afford these houses. So while Apple is committed to "being part of the solution" as Tim Cook states, it is important to remember that they also caused it.
ReplyDeletehttps://www.theverge.com/2019/11/4/20948085/apple-ca-housing-crisis-pledge-2-5-billion-silicon-valley