Apple supports affordable housing in California with billion dollar project


Apple apparently wants to get into real estate. The technology company has already invested a total of US$1.3 billion in the purchase of apartments in California. And that’s just the beginning. With this, the inventor of the iPhone wants to combat the endemic housing shortage in the US state, according to his own statements.

Apple lets words follow deeds

Really the project of the company Tech is not a surprise. In fact, Apple had already announced its significant investment in 2019. At that time, there was talk of a total investment of 2.5 billion US dollars. However, the company does not want to secure apartments with it for its own staff. Rather, the goal is to declare war on the housing shortage. Apparently Apple’s initiative is taking shape. Of the 2.5 billion targeted, Apple has probably already invested 1.3 billion. Therefore, it should not be too long before the full amount is spent and the targeted number of affordable housing units are created.

A new job for Apple?

Of course, the question is what the tech company is aiming for with its large investment. If it is to be assumed that he has good intentions, then there might well be enough to fight the housing shortage. California’s housing shortage is worse than few other places in the world. Getting affordable housing here is almost unthinkable for normal earners. But this is not due to the beauty of nature and impressive cities. On the contrary, metropolises like San Francisco command utopian rents because they are located in close proximity to Silicon Valley. The most renowned large technology companies have settled here.

When settling here, computer experts arrived from the rest of the world, who in turn naturally needed a living space. Business wages have risen immeasurably, and with them rents in the region. Therefore, Apple, Google and Co. bear at least some of the blame for the rapid rise in house prices. If you take a look at the current real estate market in the area, it may make your head spin. Real estate moguls and the big rich spend huge sums of money on buying apartments or houses. The result is a homogeneous population of residents, which is not good for any region. Apple now wants to fix this problem.

Focus on the different social classes

Apple did not launch its project on its own initiative. On the contrary, the company enlisted the support of experts for its initiative. More specifically, the Destination: Home and Housing Trust Silicon Valley associations support the inventor of the iPhone. Working with real estate experts, Apple has so far invested US$1.3 billion in building and developing new living spaces. The company also wants to help potential buyers. After all, there is another big problem behind this, which is increasingly fueling the rent explosion. For example, it is rarely individuals who buy apartments and entire houses in the coveted state of the United States.

On the contrary, billion-dollar real estate companies are buying up more and more residential space. Thus, Apple and its partners want to ensure that interested first-time buyers have easier access to their first property. Of course, those living on the streets can only smile wearily at the problem of having enough money to buy a property and not being able to have one. Since the number of homeless people continues to grow, especially in the Los Angeles and San Francisco area, Apple would like to inject some of its investment capital here as well.

Nearly 2,000 new homes

Apple’s housing program is expected to involve nearly 2,000 apartments. These are spread throughout the state.

We are extremely proud to see families and neighbors move into new homes through our partnership with affordable housing organizations across California.[…]Apple is committed to finding real solutions that help our communities thrive, and these new projects are tangible progress toward fulfilling that promise for so many of our fellow Californians.Kristina Raspe, vice president of global real estate and facilities at Apple

Awareness of the lower classes

Unlike Germany, the principle of the welfare state does not apply in the United States on the part of the state. This manifests itself, among other things, in weak state support for the lower strata of the population. Veterans and the unemployed in particular often fall through the cracks in the land of unlimited opportunity. It is not uncommon for this to lead to homelessness. This is another area where Apple wants to get involved. And the company can already report initial successes. The so-called Veterans Square in Pittsburgh is intended to provide affordable housing for precisely these people. The housing project has already existed since March of this year and it seems to be a success. At least that’s what we can deduce from the words of the building manager.

“Partnerships like this with Apple are vital. That said, there’s not much for people who don’t have a fixed income or access to family resources – it’s heartbreaking. But I’m so happy to be able to help give our residents a fresh start.Marcus Ferdinand, Services Coordinator at Place des Vétérans

Apple’s project apparently underlines the company’s policy of being more socially aware of each other, as well as supporting low-income people. For example, just in May, Apple also announced that it would raise the minimum wage for App Store employees. Whatever the reason for the project. He appears to be an asset to California’s unaffordable real estate market. On top of that, it distracts from the issues currently plaguing Apple. For example, the company must pay $50 million in damages to disgruntled customers for its vulnerable Butterfly keyboard.


About Author

Comments are closed.