Apple will invest US$2.5 billion in California

Category: Investment
Published: 2019-11-05
Apple will invest US$2.5 billion in California

CUPERTINO – Apple will dedicate US$2.5 billion to combat the housing crisis in California.

The commitment includes a US$1 billion to build new homes for low to moderate income families, another US$1 billion for mortgage assistance, and US$300 million to make affordable housing on Apple-owned land in San Jose, California.

The company’s commitment is greater than what other technology giants offer, such as Google and Facebook¾each one has promised around US$1 million.

Democratic Governor Gavin Newsom said Apple’s announcement represents a financial commitment that is unparalleled with affordable housing.