CUPERTINO (AP) – Apple says it’s committing $2.5 billion to combat California’s housing crisis.
The pledge announced Monday includes a $1 billion fund to build new homes for households with low to moderate incomes; a $1 billion homebuyer mortgage assistance fund; and $300 million to make Apple-owned land in San Jose available for affordable housing.READ MORE: 'Positivity, Acceptance And Love': Lodi Announces Location Of City's First-Ever Pride Festival
The commitment eclipses similar pledges from fellow San Francisco Bay Area tech giants Google and Facebook, which have each promised about $1 billion.READ MORE: Fans Back In Stands At All American Speedway In Roseville
Democratic Gov. Gavin Newsom is calling Apple’s pledge an “unparalleled financial commitment to affordable housing” and says he hopes other companies follow its lead to help ease sky-high housing costs by building more homes.
The Bay Area has been swamped with affluent tech workers, leading to bidding wars for the limited supply of homes.MORE NEWS: 1 Injured In Highway 50 Crash That Caused Major Backups In Sacramento
Copyright 2019 The Associated Press.