Two of the biggest businesses in California are making good on their promises to help bolster housing stock in the Golden State.
This week, Apple announced that it has accelerated its support for affordable housing initiatives, deploying more than $1 billion for projects across California over the last 18 months. In addition, Apple is providing capital to facilitate the construction of thousands of new affordable units and supporting at-risk communities.
This marks a major milestone in the company’s $2.5 billion commitment to combat the housing crisis in the state.
“California’s communities have shown their resilience in the face of immense challenges this past year. As we look to a brighter future ahead, Apple is committed to continuing our work with partners across the state to support these communities and help combat the housing crisis in meaningful ways,” said Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities. “As we expand our efforts and move forward with our comprehensive plan to address housing in the state, we’re proud our work has made a tangible impact on the lives of so many Californians.”
With Apple’s support, the Homelessness Prevention System has provided financial and rental assistance to more than 15,000 families since the beginning of the pandemic. Working alongside Destination: Home, Apple has also helped fund the construction of over 1,100 new units of deeply affordable and supportive housing across Silicon Valley.
Not to be outdone, Google is also spending down its $250 million pledge to aid the housing crisis.
The Real Deal reports that Google has now spent more than half of the $250 million by way of loans to help build thousands of affordable homes across the Bay Area. Google has allocated $128 million to 18 groups to build 23 projects throughout the region. The loans, under contract as of last month, will help fund the construction of 3,200 homes.