Apple has committed a record $2.5 billion to help address the housing availability and affordability crisis in California. The amount is two and a half times greater than the $1 billion each that Google and Facebook have pledged.
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.
"Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community," Apple CEO Tim Cook said in a statement on Monday.
In partnership with Governor Gavin Newsom, the state of California and community-based organisations, Apple is providing a significant investment that offers statewide housing support as well as funding for projects in Silicon Valley and the Bay Area.
"This unparalleled financial commitment to affordable housing, and the innovative strategies at the heart of this initiative, are proof that Apple is serious about solving this issue. I hope other companies follow their lead," said Newsom.
By putting its $2.5 billion investment to use across multiple initiatives and partners, Apple's housing initiative offers a comprehensive and multi-pronged approach to address some of the most urgent challenges facing affordable housing in California.