After Facebook and Google announced at different moments that they would invest $1 billion each to help alleviate California's housing crisis, Apple promised a $2.5 billion plan.
Those decisions are motivated by the fact that „this problem is so big that the public sector cannot do it alone," Tim Cook said. In fact, as an example, many teachers and emergency workers can't afford to live in the Bay Area communities they serve and commuting means 90 minutes or more. The tech giants will ofer to state and others involved „line of credit to develop and build additional new, very low- to moderate-income housing faster and at a lower cost." In addition, efforts to address homelessness in Silicon Valley will be made. Mortgage assistance for first-time home buyers will be also offered. The projects will develop during two years."Affordable housing means stability and dignity, opportunity and pride," said Apple CEO Tim Cook in a press release.
Other tech companies have announced financial packages. Microsoft, which is based just outside Seattle, said in January it would spend $500 million to help ease similar housing issues in the city’s greater metropolitan area. The only major US tech company who has yet to pledge a significant amount of money toward the issue is Amazon. On the other part, critics say the influx of tech companies and their well-paid workers has contributed to the ongoing housing crisis.