Apple follows Google, Facebook with $2.5B Cali housing plan

The tech giant’s plan includes $1B to help first-time homebuyers find mortgages

New York Los Angeles /
Nov.November 04, 2019 03:00 PM

First it was Google, then Facebook. Now, Apple has become the latest Silicon Valley titan to pledge billions of dollars to address California’s affordable housing crisis.

On Monday, the Cupertino-based company announced a $2.5 billion housing plan, according to the New York Times. About $1 billion will go to develop affordable housing — and like Google and Facebook — the plan includes building on Apple-owned land in San Jose. Another $1 billion will help first-time homebuyers find mortgages, according to the announcement.

This year, Google has pledged $1 billion and Facebook $500 million to help address the housing crisis in the Silicon Valley-San Francisco Bay Area, consistently one of the most expensive places to buy and rent homes.

Apple’s latest plan includes $150 million to support affordable housing in the Bay Area, partially through forgivable loans and grants, as well as $50 million to address homelessness, according to the report. Apple said the money could be spent within two years.

In July, Google partnered with Lendlease on a massive plan to build master-planned communities on land it owns in Silicon Valley cities. Those communities would take shape over the next 10-15 years and include 15,000 condominium and rental units.

Facebook’s plan calls for grants and loans to develop low- and middle-income housing, including on its own land. Microsoft has a $500 million affordable housing development plan in Seattle.

Tech companies have been under increasing pressure to help relieve California’s housing crisis, one of the worst in the country. Gov. Gavin Newsom met with some tech firms about the issue before taking office earlier this year. In January, he called for tech firms to contribute $500 million to a state-run workforce housing development fund that would be matched dollar for dollar with state funds. [NYT]Dennis Lynch


Related Articles

arrow_forward_ios
Rana Creek Ranch (Credit: Hall & Hall)

Lesser-known Apple co-founder re-lists 14,000-acre California ranch

Lesser-known Apple co-founder re-lists 14,000-acre California ranch
ICSC President Tom McGee (Credit: ICSC via YouTube)

ICSC requests federal help amid massive shutdowns

ICSC requests federal help amid massive shutdowns
An Apple store at  767 5th Avenue (Credit: Wikipedia)

Apple closes most stores in effort to curb virus spread

Apple closes most stores in effort to curb virus spread
Clockwise from top left: 66-26 Metropolitan Avenue, 11 Penn Plaza and 181 Livingston Street (Credit: Google Maps, 181 Livingston via Tishman Speyer) 

Tech inked big office leases in February, but not the biggest

Tech inked big office leases in February, but not the biggest
(Credit: iStock and Google Maps)

The cheapest house in America’s richest town is listed for $2.5M

The cheapest house in America’s richest town is listed for $2.5M
Adam Neumann and some of the properties, Museum Place and 225 West Julian in San Jose 

Adam Neumann no longer has a vision for San Jose

Adam Neumann no longer has a vision for San Jose
11 Penn Plaza and Apple CEO Tim Cook (Credit: Vornado, Getty Images)

Apple is in talks for a lease at Vornado’s 11 Penn Plaza

Apple is in talks for a lease at Vornado’s 11 Penn Plaza
Facebook CEO Mark Zuckerberg and Apple CEO Tim Cook with a rendering of the Farley development (Credit: Getty Images, SOM iStock)

Facebook facing off with Apple over space in Vornado’s Farley Building conversion

Facebook facing off with Apple over space in Vornado’s Farley Building conversion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...