Every so often , Big Tech likes to announce splashy social enterprisingness where it throw money at a problem . Big Tech looks good for ‘ caring ’ and , more significantly , it distracts from the not - so - great things happening on the sidelines . Yesterday , Appleannounceda $ 2.5 billion design to turn to the housing crisis in California — a plan that 2020 Democratic presidential prospect Senator Bernie Sanders criticized as lip service , saying Apple is “ throw penny at a crisis [ it ] helped make . ”
Apple ’s design would apportion $ 1 billion to an affordable housing investing stock , $ 1 billion to a first - clock time homebuyer mortgage assistance fund , $ 300 million to “ Apple - owned ” and available land for affordable caparison , $ 150 million to a Bay Area housing stock , and $ 50 million to direct homelessness . Most interesting is the chunk going toward farming Apple already owns in San Jose . The Apple press tone ending tell it “ plan to make usable solid ground it own in San Jose deserving approximately $ 300 million ” to develop affordable housing . That farm the question of whether Apple plans to in reality dip into its coffers to develop that newfangled housing or merely billow its overall fiscal commitment by order , “ Here ’s $ 300 million Charles Frederick Worth of estate , anybody who wants to , have at it . ” It was made open to Gizmodo after publishing that it is the latter .
California’shousing crisisis multifold . Despite being home to Silicon Valley and all the wealthiness Big Tech generates and therising plate and rent pricesthat final result from it , homelessness is on the rise . That ’s in part due to the state ’s inability to build houses at a pace that can keep up with need — California ranks49th in lodging per capita . That leads to skyrocketing rents , and the worrying drift of racy son of a bitch aver “ Not in my backyard ” tonew developmentsor public projects that could at least alleviate the problem .
Photo: Getty Images
https://gizmodo.com/theyll-terrorize-the-neighbors-san-franciscos-richest-1834261299
Regardless of the ship’s company ’s intentions , Apple ’s release is full of fawning quotes from California Governor Gavin Newsom and a few other partners on the receiving end of Apple ’s public - facing generosity . ( To be fair , they absolutely need the money . ) But , it is artful to entirely overlook the fact that the influx of technical school doer to the region is a major contributing gene to the crisis itself . Not to advert the fact that while $ 2.5 billion is a big number on paper , it ’s a small fraction of Apple ’s overall riches . In Q3 2019 , Apple reportedly had$210.6 billion in cashon manus — and that ’s not including money hold offshore or in other assets .
“ Apple ’s announcement that it is enter the substantial acres lending business is an endeavour to distract from the fact that it has help create California ’s housing crisis — all while raking in $ 800 million of taxpayer subsidies , and keeping a quarter trillion dollars of profit offshore , for avoid pay billions of dollar mark of taxis , ” Senator Sanders said in a statement emailed to Gizmodo . “ Today , more than 134,000 Californians are homeless and tenant need to make $ 34.69 per 60 minutes to give the average two - bedroom apartment . We can not rely on corporate tax evaders to work out California ’s housing crisis . ”
Gizmodo ask Apple if it had a response to Sanders ’ criticism but did not take heed an quick response .
“ When we defeat Donald Trump , we are going to make companies like Apple get pay their average share , so that we can lastly start making massive foresightful - term investments that guarantee Americans low-priced living accommodations , ” Sanders resolve , alluding to hisHousing For Allplan that would reserve $ 2.5 trillion over the next decade for the issue by tax the wealthiest tenth of the 1 pct .
In the statement , Sanders was also flying to point out this is n’t the first or only time Big Tech has thrown money at housing crisis to buy public goodwill . In January , Microsoftpledged $ 500 milliontoward affordable caparison and homelessness in the Seattle arena . alike , Facebook announce it wouldcommit $ 1 billiontoward the California lodging crisis just a few weeks ago .
Update , 2025-02-02 , 1:53 pm : tot up clarification that the $ 300 million for low-priced housing in San Jose is being made useable in land only , not cash .
Affordable housingAppleBernie Sanders
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