Apple Commits $2.5 Billion to Ease California Housing Crunch

Apple on Monday announced a $2.5 billion plan to help address the housing crisis in California, becoming the latest tech giant in the state to address a problem that it helped cause.

The plan includes $1 billion for an affordable housing investment fund and another $1 billion to help first-time home buyers find mortgages.

Apple joins other Big Tech companies based in California seeking to ease the state’s severe housing crunch. Facebook said last month that it would give $1 billion in a package of grants and loans in California; in June, Google pledged $1 billion for a similar effort.

Microsoft pledged $500 million toward affordable housing in Seattle in January.

Apple’s plan includes making available land it owns in San Jose, which it said was worth $300 million, for new affordable housing; $150 million to support affordable housing in the Bay Area, including long-term forgivable loans and grants; and $50 million to address the causes of homelessness in Silicon Valley. Apple said the money it is pledging could be spent within approximately two years.

This is a developing story and will be updated.