The CEO of Apple has made commitments of @2.5 B for housing affordability. He is saying that everyone should feel a responsibility to make silicon valley a vibrant place. This commitment is going to help homeless people. Have a look to know in detail.
Recently, the apple company makes a commitment of $2.5 B. The apple company is saying we are going to combat the housing crises.
The apple company further says that its initiative was to help the housing availability and affordability crises. Therefore, Gov. Gavin Newsom (the state as well as community-based organisation) is the partner of apple in this initiative. By this project, apple is going to provide funds as well as an investment that is further going to give housing supports. Apple is taking steps to fund the Silicon Valley and Bay Area projects.
The Apple CEO Tim Cook says that the motive is to expand the housing production, help the first time buyers as well as help the homeless people. Apple CEO further says that we should feel the responsibility, to make Silicon Valley a vibrant place. He is wanting everyone to get in a family and contribute to the community.
In an announcement, Apple highlighted that the rents are very much skyrocketing. Therefore, this leads to having increasing difficulty. Further, the announcement shows that there are around 30,000 people who left San Francisco. This is a ration of people who left their houses from April to June this year. Further, the announcement clarified that the ownership is 7 years low in the bay area.
Some key elements about the investment of Apple Company
- Affordable house investing fund of $1 billion: The commitment of $1 housing fund from Apple Company to California will provide the state and others an open line credit to develop the housing faster.
- The buyers will get financing and down payment assistance as well. Apple is also going to make $300 million of land available for its affordable housing.