Publications

- December 1, 2019: Vol. 31, Number 11

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Tech firms to invest in affordable housing in California

by Andrea Zander

Affordable housing has become a critical topic in California — and several technology giants have pledged billions of dollars to fund its development.

In June, Google announced the investment of $1 billion in housing across the San Francisco Bay Area. In October, Facebook announced plans to commit $1 billion to help address the affordable housing crisis in California, and in other communities that have similar challenges.

Not to be outdone, Apple announced in November the investment of $2.5 billion to help address the housing availability and affordability crisis in California. Apple’s $2.5 billion investment includes:

$1 billion in a commitment to the state of California for a first-of-its-kind affordable housing fund that 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. $1 billion in a first-time homebuyer mortgage assistance fu
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