Apple donates $2.5B to combat California housing crisis

Your San Francisco rent getting crazy? Apple's here to help

Apple Inc on Monday said it would commit $2.5 billion USA to easing a housing shortage that has driven up prices across California, with most of the money dedicated to funds that will be run either with or by the state government.

Apple will also donate $150 million to the Bay Area housing fund to support affordable housing projects. "This partnership with Apple will allow the state of California to do just that".

Axios also reported on some of the radical moves localities are using to try to solve the housing problem, including Minneapolis and the state of OR, where single family units have been banned.

$1 billion first-time homebuyer mortgage assistance fund: Working with the state, this first-time homebuyer fund will provide aspiring homebuyers with financing and down payment assistance.

Google and Facebook this year each promised $1 billion to help address high housing costs.

Ava DuVernay slams Academy for disqualifying Nigerian Oscar submission ‘Lionheart’
The Best International Feature Film category has certain requirements which must be fulfilled before a film can be submitted . The academy's decision, which was communicated via email to Oscar voters, was first reported by The Wrap .

Today, many area residents can't afford to live in the cities where they work, commuting an hour or more from more affordable neighborhoods.

The investment comes at a time when the housing crunch in Calfornia has forced people from their homes, Apple explained in its announcement.

$1 billion will go towards an affordable housing investment fund which Cook said will "provide the state and others with an open line of credit to develop and build additional new, very low- to moderate-income housing faster and at a lower cost".

"This unparalleled financial commitment to affordable housing, and the innovative strategies at the heart of this initiative, are proof that Apple is serious about solving this issue", Newsom said. Apple's $1 billion housing fund is created to assist that effort by giving the state a cheaper source of credit. It also created a fund to encourage developers to create 5,000 housing units in the state that are moderately priced. But tech has played a big role here, having led to a disparity between the wealthy tech workers and everyone else as well as contributing to rapid population growth that's outpaced the growth in the housing supply. Voters in nearby Mountain View, home to Google, passed a per-employee business tax past year to get companies to help ease the strain on traffic and housing. Apple's current headquarters - a ring of gleaming metal and glass nicknamed the "spaceship" in Cupertino, Calif., - sits less than eight kilometres from the suburban family home where co-founders Steve Jobs and Steve Wozniak assembled the first Apple computers in the 1970s. He said, however, that there are still other challenges, such as local land-use restrictions and the geography of the Bay Area, which limits where homes can be built.

Shulman, of UCLA, said "you need a major relaxation of zoning on the peninsula and that's going to be hard to do given the local opposition to density".

Related News:

Most liked

Cody Simpson spends quality time with Miley Cyrus and her family
The couple dated about a month after her divorce from husband Liam Hemsworth and a whirlwind romance with Kaitlynn Carter . Miley and Cody can also be seen leaning on the kitchen counter while at the same time laughing and teasing "Smokey".

China Foreign Ministry says Xi, Trump have been in touch all along
Ross and O'Brien were leading a downgraded American delegation to meetings hosted by the 10-member Association of Southeast Asian Nations in Thailand.

Oakland Hero Saves Man From Speeding Train After Raiders Game, Insane Video
Tony Badilla, a passenger who witnessed the episode, posted a video on Twitter of the two men hugging in the aftermath. He manages to yank the man out just as the train arrives at the platform, probably saving his life.

Melbourne Cup: Vow and Declare wins Australia's most prestigious horse race
Another clever WA tipster successfully predicted the winning trifecta of Vow and Declare, Prince of Arran and Il Paradiso. Stewards have upheld a protest into alleged interference in the final 100 metres of the race that stops the nation.

‘Cancel Kurt Suzuki!’: Washington Nats fans divided over team's White House visit
The team paraded down Constitution Avenue on Saturday and celebrated at the Washington Capitals hockey game Sunday night. First baseman Ryan Zimmerman was just as excited to meet Trump as he presented him with his own Nationals No. 45 jersey.

European airline giant buys Spanish carrier Air Europa
The Air Europa brand will initially be retained and will continue to be an autonomous revenue center within Iberia. Assuming satisfaction of all conditions to the Acquisition, Completion is expected to take place in 2H 2020.

N. Korea Criticizes US over Terrorism Report
Kim warned that he is set to "take course in a new direction" if the talks fail to make progress by the year-end. Kim's older half-brother Kim Jong Nam was killed at Kuala Lumpur's global airport in 2017.

Niagara Falls: Boat stuck on rocks 101 years dislodged
Niagara Parks CEO David Adames told CBC staff are monitoring the situation and constantly watching the wreck via security camera. That is, until Thursday - Halloween - when gusts of wind and lashings of rain battered the falls, and the remains of the barge.

Trump booed for second time at sporting event
But in the wash of crowd noise evident in nearly every video, it's clear that the air inside the arena was thick with boos. Upon arriving at the venue, Trump was greeted with boos and occasional applause from the attendees.

Wilbur Ross hints that auto tariffs aren't coming
However, these licenses will be issued soon according to Commerce Secretary Wilbur Ross, who was interviewed today by Bloomberg . Remember too with entity lists theres a presumption of denial.

Overwatch 2 game director says leaks are "demoralising" to the team
Mei, along with every other Overwatch hero, has a new look and an upgradeable set of moves (in PvE) for Overwatch 2 . For now, Blizzard is sticking to their guns and saying that Diablo 4 is only planned for PS4, Xbox One and PC.

Turkey to send back Islamic State prisoners even if citizenships revoked
Baghdadi killed himself last month when cornered in a tunnel during a raid by U.S. special forces in northwestern Syria. The move prompted widespread concern over the fate of Islamic State prisoners in the region.

Klopp fires back at Guardiola ahead of Premier League clash
Liverpool FC finished in second place and a point adrift of Manchester City in the title race. Ahead of the visit of Genk, the boss said: "I'm not really in a Man City mood at the moment".

Jorge Masvidal Interesting In Boxing Match With Canelo Alvarez
I heard we f*cking killed him on the pay-per-views. "'Can we show the Diaz fight at the MGM?,'" White explained. "It was nuts. It'd be an honor to get in the ring with him. "But he did say some sh*t like no MMA fights would be a challenge".

Google finally drops support for the Pixel and Pixel XL
He's found some evidence to suggest that the change could be a bit more drastic than just a fix of the brightness problem. The US-based search engine giant, last month, launched Pixel 4 at a starting price tag of $799 and Pixel 4 XL for $899.