United States

Apple pledges $2.5 billion to fight California’s housing shortage

Apple on Monday said it would commit $2.5 billion to easing a housing shortage that has driven up prices across California, with most of the money dedicated to funds that will be run either with or by the state government. One billion dollars will go to a jointly run fund with state officials aimed at jumpstarting delayed or stalled affordable housing projects. Another $1 billion will go to a state-run fund to provide first-time home buyer financial assistance to teachers, nurses and first responders such as police and firefighters, among others. In an interview with Reuters, CEO Tim Cook said the company felt a “profound responsibility” to improve California’s housing crisis. Apple’s current headquarters — a ring of gleami ...