New York (CNN Business) Apple announced a $2.5 billion financial package to help address the housing crisis in California, which has worsened in part because of the rapid growth of tech companies. The company laid out a five-point plan, including $1 billion for an affordable housing investment fund, $1 billion in mortgage assistance for first-time home buyers and opening some Apple-owned land valued at $300 million for development. The remaining $200 million will go toward a San Francisco housing fund and to support vulnerable populations. Critics say the influx of tech companies and their well-paid workers has contributed to the ongoing housing crisis. Apple AAPL "Affordable housing means stability and dignity, opportunity and pride," said Apple CEO Tim Cook in a press release.

Source: CNN November 04, 2019 13:41 UTC