A simple drive through Downtown Los Angeles, or many others areas, heartbreak fills the streets as multiple tent cities are set up throughout serving as a sort of shelter to those of the less fortunate. Fortunately, mega-tech company Apple has made an initiative to help with assisting some of those going through those rough times. Today Apple made an announcement of a $2.5 billion plan to combat the growing problem with affordable housing in California.
The plan is detailed thoroughly with set amounts allocated to different areas throughout California. The plan will dedicate $1 billion towards a fund for an affordable housing investment fund, another $1 billion for a program assisting first-time home buyers, with the remaining $500 million dedicated towards beginning affordable housing using Apple-owned land in addition to creating a fund for San Francisco continued housing support.
“Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community,” said Apple CEO Tim Cook, on the company’s website. “Affordable housing means stability and dignity, opportunity and pride. 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.” Apple joins a list of other tech giants who have pledged to helping create better living for the surrounding areas. In early June, Google pledged $1 billion towards the housing crisis. In October, Facebook pledged $1 billion in the form of package grants and loans.