Apple pledges $2.5 billion to fight California housing crisis

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Apple on Monday said it would commit $2.5 billion to easing a housing shortage that has driven up prices across California.

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“We want to make sure that it is a vibrant place where people can live and also raise a family,” Apple Chief Executive Tim Cook told Reuters in an interview. “And there’s no question that today that isn’t possible for many people, that the region suffers from an affordability crisis that is existential.”

Apple said the project-financing fund was the first of its kind. Real estate developers often secure bonds for affordable housing development but must service the debt during construction until the houses are built and start to generate revenue. Apple and state officials hope to provide bridge financing during construction at rates below those from commercial lenders.

“This unparalleled financial commitment to affordable housing, and the innovative strategies at the heart of this initiative, are proof that Apple is serious about solving this issue,” California Governor Gavin Newsom said in a statement.

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California has no excuse for Horrible management of property values and price of food and gas

The first time apple's has done a charitable givenness in a big way. Thanks for trying to ease out the mad, hot housing market in CA. So hot that it's literally on-fire.

Socialist garbage policies at fault

build affordable housing meaning what in detail

As long as there continue to be unheard of regulations in blue states, the term “affordable housing” should never be used. The progressive left doesn’t know what that means.

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