Computer tech giant Apple, Inc. will commit $2.5 billion towards building more affordable housing in California amid concerns that Silicon Valley has helped drive low- and middle-income families out of the local housing market.
“As costs skyrocket for renters and potential homebuyers — and as the availability of affordable housing fails to keep pace with the region’s growth — community members like teachers, firefighters, first responders and service workers are increasingly having to make the difficult choice to leave behind the community they have long called home. Nearly 30,000 people left San Francisco between April and June of this year and homeownership in the Bay Area is at a seven-year low,” the company said in a media release.
