Apple paid $1.3 billion to tackle California’s housing crisis

To fight against a housing crisis to which it has itself contributed with the other digital giants, Apple announced in 2019 an aid envelope amounting to 2.5 billion dollars. Three years later, the company has spent only half of this envelope.

The plan was, however, to disburse the full envelope in two years, but the pandemic has undoubtedly delayed projects. Part of the $ 1.3 billion already paid has also been used to financially support 20,000 families during the Covid-19 crisis, according to Apple.

Veterans Square in Pittsburg, California, a residence built in part with financial support from Apple. Apple picture.

Apple’s early aid helped build a 30-unit residence for veterans and those most in need. In partnership with several nonprofit organizations, the Apple fund has also been used to unlock loans and other assistance for first-time buyers with modest budgets.

The rapid expansion of the highly paid workforce of digital companies, combined with insufficient housing creation, has caused rental prices to explode in Silicon Valley. The crisis is far from over: the number of homeless people in California continues to rise. In 2020, they were 160,000, far more than in any other American state.


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