Apple Pledges $2.5B To Help Combat Calif. Housing Crisis

Law360 (November 4, 2019, 9:34 PM EST) -- Apple on Monday said it will put $2.5 billion toward tackling California’s housing crisis, unveiling a two-year initiative that aims to “accelerate and expand new housing production” statewide as well as help first-time homeowners.

Apple Inc. plans to establish a $1 billion affordable housing investment fund, set aside $1 billion more for first-time buyer mortgage assistance and open up about $300 million worth of Apple-owned parcels in San Jose for development, according to a statement. It will also put $200 million toward supporting new lower-income housing.

The tech giant’s undertaking is part of a partnership with California Gov. Gavin Newsom, the...

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