Apple has pledged $2.5 billion in donations to help combat California’s current crisis of rising home costs, CEO Tim Cook announced Monday.
The tech giant’s contributions have been earmarked to help jumpstart home building, assist first-time home buyers and reduce homelessness in Silicon Valley and the San Francisco Bay Area.
“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,” Cook said in the announcement.
Apple’s move follows earlier action by Google, which in June pledged to invest $1 billion in building affordable housing, and Facebook’s October commitment of $1 billion toward fighting the housing crisis.
Read more at USA Today