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Apple CEO Tim Cook said his company will contribute $2.5 billion to help the state of California deal with a lack of affordable housing and homelessness.
The tech company joins Google and Facebook, with each company vowing to provide $1 billion toward finding housing solutions in a state run by Democrats for decades.
Cook - Interview - Axios - Website - Monday
“It’s just unsustainable,” Cook said in an interview with the Axios website published on Monday. ”This problem is so big that the public sector cannot do it alone.”
Axios reported that most people can’t afford the housing in the Bay Area and have to make long commutes to work.
Teachers - Emergency - Workers - Bay - Area
Many teachers and emergency workers can’t afford to live in the Bay Area communities they serve. “Super-commutes” of 90 minutes or more, often from distant counties, have become a grim regional phenomenon.
The tech giants are trying to be better neighbors.
Cook - Axios - Apple - Move - Part
Cook told Axios that Apple is making this move now in part because Gov. Gavin Newsom (D) is the right partner.
“This unparalleled financial commitment [is] proof that Apple is serious about solving this issue” Newsom said in a press release acknowledging the financial boon. “I hope other companies follow their lead.”
Apple - Donation
Apple also shared how its donation would be used:
$1 billion first-time homebuyer mortgage assistance fund: “will provide aspiring homebuyers with financing and down payment assistance. Apple and the...
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