Apple Has Deployed More Than $1 Billion Towards Affordable Housing Initiatives in California

[MacRumors]

Apple today announced it has deployed more than $1 billion towards affordable housing initiatives across California over the last 18 months, helping thousands of people in the state become homeowners for the first time.

In partnership with the California Housing Finance Agency, Housing Trust Silicon Valley, and Destination:Home, Apple said the the $1 billion in funding has helped support new housing development and construction, assisted first-time buyers to purchase homes, and expanded programs to reduce homelessness.

This milestone is part of Apple's overall $2.5 billion commitment to combat the California housing crisis, with the state having some of the United States' most expensive residential markets, including the Bay Area where Apple is headquartered. To date, Apple says it has supported affordable housing efforts across 25 counties in the state.

Apple's commitment includes a series of initiatives over several years, including a $1 billion affordable housing investment fund with the state of California, a $1 billion first-time homebuyer mortgage assistance fund, $300 million in Apple-owned land made available for affordable housing, a $150 million Bay Area housing fund, and $50 million to support Destination: Home's efforts to address homelessness in Silicon Valley.

Article Link: Apple Has Deployed More Than $1 Billion Towards Affordable Housing Initiatives in California

 

[TheYayAreaLiving 🎗️]

Oh wow! That’s great, especially how expensive California is.

 

[ghanwani]

Housing is a mess in most states. If buying today, I couldn’t afford the house I bought 6 years ago.

 

[kagharaht]

Didn't know Apple did this. Good to share on Social Media so others can see what options may be available to help them.

 

[nwcs]

Incentives as in uhauls to move people about the county? Most of the recent influx seems to be these kinds of workers leaving CA for less expensive places but hoping to earn the same.

 

[xyz01]

For those of us who don't live there: Is this "housing crisis" possible to solve?

E.g. there is something similar in Oslo (and AFAIK, many other attractive areas) which are experiencing population growth. However, as there aren't more areas to build on - and established housing areas obviously don't want high density buildings built where they life as this would diminish their own quality of life (infrastructure can't handle it, and also takes away things like sun and views) - it's a topic that everyone wants to fix, but aren't actually able to do much about.

As a result, prices keep on growing - and I'm sure happy I don't have to start from scratch now. I've got a decent house (145 sqm in a nice area), and that's worth about $1.5 million now - which is insane, as Norwegian top salaries just aren't that high. The pay scales are extremely compressed compared to e.g. US - much higher for low income, much lower for high income.

 

[chucker23n1]

Has California tried raising taxes?

 

[djdj]

Nice! So about 5 or 6 more people can afford to buy a home then…

 

[Razorpit]

Build more houses. Simple solution.

Instead of Supply / (Demand*10) try Supply / (Demand*1.5)

Apple throwing money in to a black box isn't going to do anything. Builders want to build. That's what they do. They aren't making money unless they are building. And they don't need incentives from Apple, or any other tech company to do their job. Unfortunately places like CA make it extremely difficult on them. Remove those restrictions and stand back.

Maybe one day CA will catch on before the last productive members of their state leave for better places like Texas and Florida.

 

[no_idea]

Yay! Now I can get a 100sqft “condo” in the Bay Area for $3.4M. Way to go apple!

 

[citysnaps]

Didn't know Apple did this. Good to share on Social Media so others can see what options may be available to help them.

Apple does a lot of charitable work behind the scenes that most people never hear about.

 

[citysnaps]

Nice! So about 5 or 6 more people can afford to buy a home then…

You didn't read the story, did you?

 

[citysnaps]

Yay! Now I can get a 100sqft “condo” in the Bay Area for $3.4M. Way to go apple!

Was that what the story said?

 

[seek3r]

This is nice and all but rather than relying on the largess of companies it would be nice if we just taxed corps and rich folks more and put the money to use directly...

 

[no_idea]

Was that what the story said?

Lol…no. It was sarcasm for how jacked up and broken the real estate prices in the Bay Area are. This supplemental housing, while great, won’t solve the root issue. Politicians need to actually do something about it

 

[MauiPa]

This is nice and all but rather than relying on the largess of companies it would be nice if we just taxed corps and rich folks more and put the money to use directly...

what, what? Billionaires pay their fair share of taxes. That is not the American dream fella! Seriously, cheers to the American hero who released the billionaires tax records so we all know for certain what has just been speculated. shame it had to come to that though.

 

[MauiPa]

Lol…no. It was sarcasm for how jacked up and broken the real estate prices in the Bay Area are. This supplemental housing, while great, won’t solve the root issue. Politicians need to actually do something about it

Like reduce demand for housing? They seem to be doing that in un-vaccinated places, but I think the Bay Area is pretty well vaxed

 

[SurferPup]

I'm a charity case, send some money my way to pay off my mortgage. On an unrelated topic - donations can be made to a worthy cause: SaveSurferPup.com . Don't worry about Ferris - he's set for life with royalties from, 'Ferris Bueller's Day Off'.

 

[chrono1081]

I've pretty much given up on trying to buy a home in my lifetime and I don't even live in CA, I live in the rust belt, which thinks its CA and have homes starting at $400k+.

 

[sinoka56]

Apple contributing to the housing crisis instead of building their spaceship elsewhere or remote working.

 

[travelsheep]

That 1B$ initiative must have driven up housing prices quite a bit further… yes, no?

 

[TheLastUserName]

Apple today announced it has deployed more than $1 billion towards affordable housing initiatives across California over the last 18 months, helping thousands of people in the state become homeowners for the first time.

In partnership with the California Housing Finance Agency, Housing Trust Silicon Valley, and Destination:Home, Apple said the the $1 billion in funding has helped support new housing development and construction, assisted first-time buyers to purchase homes, and expanded programs to reduce homelessness.

This milestone is part of Apple's overall $2.5 billion commitment to combat the California housing crisis, with the state having some of the United States' most expensive residential markets, including the Bay Area where Apple is headquartered. To date, Apple says it has supported affordable housing efforts across 25 counties in the state.

Apple's commitment includes a series of initiatives over several years, including a $1 billion affordable housing investment fund with the state of California, a $1 billion first-time homebuyer mortgage assistance fund, $300 million in Apple-owned land made available for affordable housing, a $150 million Bay Area housing fund, and $50 million to support Destination: Home's efforts to address homelessness in Silicon Valley.

Article Link: Apple Has Deployed More Than $1 Billion Towards Affordable Housing Initiatives in California

You can put all the billions in all the funds that you want. It will not solve the problem for the following reason. There are not enough houses for demand. As a result, buyers are forced to bid up prices on the houses that are available. Giving out billions of dollars simply will result in people using that money to bid up the prices of the same number of available houses to an even ***higher*** level.

The problem is not that Apple has failed to give away money in the past. So giving away money now will not solve the problem. Rather, the problem is a lack of available houses for sale. The solution -- and the ONLY solution -- is for (1) the state and the local municipalities to change zoning laws and issue way more building permits, and (2) eliminate taxes and regulations that prohibit, and drive up the cost of, construction.

 

[TheLastUserName]

I've pretty much given up on trying to buy a home in my lifetime and I don't even live in CA, I live in the rust belt, which thinks its CA and have homes starting at $400k+.

Perfectly nice house in a perfectly nice neighborhood in the rust belt. All in: $875/month.

5119 Old Mill Rd, Fort Wayne, IN 46807 | Realtor.com®

View 32 photos for 5119 Old Mill Rd, Fort Wayne, IN 46807, a 4 bed, 2 bath, 2,140 Sq. Ft. single family home built in 1958 that was last sold on 09/14/2021.

www.realtor.com

 

[InuNacho]

Build more houses. Simple solution.

Ok out-of-towner, where are you going to do that in an already built up area like the South Bay where Apple is located?

Knock down the older industrial buildings for housing - Done
Build on top of the landfills - Done
Kick out the seniors/lower income people from their mobile home parks to build condos/apartments - Done
Kill the Berryessa Flea Market, a local institution for a "transit village" - Done
Talks of shutting down Reid Airport for more condos - Tentative

Please tell me more about your simple solution.

 

[M.PaulCezanne]

Lol affordable housing in the Bay Area. What’s that? Homes under $2 mil? 1BR apartments under $2,500/mo?