Apple commits $2.5 billion to California housing crisis

The state of California is facing a housing shortage that raised prices and the number of people living on the street. Joining Google, Facebook and other large companies with offices in the state, Apple has made a large commitment. The tech giant will give $2.5 billion towards California’s housing crisis.

Majority of the money will be dedicated to funds that will be run either with or by the state government. One billion of Apples pledge will go to a jointly run fund with state officials. The next $1 billion will go to a state run fund that will provide financial assistance to first time homebuyers that are teachers, nurses and first responders. The remaining $500 million will go towards efforts focused on Northern California, where Apples headquarters are.

42 acres of the land that Apple owns in San José will have around 3,800 affordable housing units built. $150 million will go towards an affordable housing fund for Bay Area. $50 million will go towards a public-private group that addresses homelessness in Silicon Valley.

Apples headquarters are in Cupertino, California.