Apple Donates $2.5 Billion to Combat California Housing Crisis

Apple Announced on Monday that it will donate $2.5 Billion in the Fight California's Housing Crisis. Those funds include a $1 billion housing investment fund, a $1 billion first-time Homebuyer mortgage assistance fund and a plan to free up to $300 million worth of land Owned by Apple in San Jose to be used "for the development of affordable housing," According to a news release. Apple CEO Tim Cook said the company felt a "profound civic Responsibility" to address a housing crisis that has led to the median home price in San Francisco to skyrocket to more than $1.4 million, according to real estate brokerage Redfin.

"Affordable housing means stability and dignity, opportunity and pride," 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."