One of the world’s largest tech companies is giving back in a massive way. Apple announced on November 4th that the company will be donating $2.5 billion to help solve the housing crisis in California.
The five-point plan includes $1 billion for an affordable housing investment fund, $1 billion in mortgage assistance for first-time home buyers, and opening some Apple-owned land valued at $300 million for development. The remaining $200 million will go towards a housing fund in San Francisco and to support vulnerable populations.
There are roughly 7,000 homeless people in San Francisco due to the shortage of affordable homes in the area. Middle and low-income workers, like teachers and restaurant staff, are getting pushed out because of this. Many critics also point out that the growth of large tech companies and their well-paid workers have contributed to the ongoing housing crisis.
“Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution,” said Apple CEO Tim Cook in a press release.
The huge donation won’t be distributed all at once or immediately. The company says it will “take approximately two years to be fully utilized depending on the availability of projects.” They also say that any money made on the projects will be “reinvested in future projects over the next five years.”