Listen: Apple's Plan To Help with The California Housing Crisis
"Having changed the way we communicate hate each other apple has said it wants to sell the housing crisis in its home state of California. It's two and a half billion dollars to help do this. So what's going to happen to all the money. Well let's hear from acting. La Bureau chief. Collateral Bela who joins us on the line. Now it's a lot of money what's been announced. Yes this plan. That wasn't fueled by apple earlier this week. specifically targets the state's affordable housing crisis. Now the plan includes several different initiatives Apple will offer a one billion line of credit to organizations that are building housing for low income people. Oh and another one billion dollars will be used to help first time homebuyers. And here's what's interesting because they specifically mention A first time home buyers that are essential service personnel school employees and veterans. Now this is due mainly to the fact that in communities such such as Cupertino where apple is based schoolteachers for example and Members of law enforcement offense struggled to find affordable housing near their jobs apple will also donate land worth to an estimate of up to three hundred million dollars in the area of San Jose. And it's for a project to build. Thousands of new affordable housing units and another one hundred fifty million dollars will go to support various affordable. Housing projects objects are wrong the Silicon Valley region and they're still a final fifty million Dot are going for a nonprofit focusing focusing on homelessness in Silicon Valley to Apple is not the first company to try to do this. Is it that there are other companies. Which you've you've addressed? What is clearly quite difficult housing crisis? No it isn't in in January this year for example Microsoft announced that it would provide wide up to five hundred million dollars in grants and loans to promote affordable housing in the area of Seattle where they are based and and then later in the year in June at Google announced their own initiative opt to a value of one billion. US dollars which included a big chunk of that money that was of Google owns land That was going to be used to support the development of at least twenty thousand new units in what they described -cribe at all income levels. This isn't the San Francisco Bay area but we don't even need to look that earlier in the year just last month Facebook made public its own initiative to offer one billion in grants and loans to support the construction of twenty thousand housing units in the region and unjust. Now this week you have now apple entering the fold with a similar initiative now all these plans are coming after many years of complaints lanes by the local communities where these companies have their offices and HQ basically. They've been the communities have been complaining would would affect that. These tech giants giants simply are not good corporate neighbors and you have to put on top of that. The facts that whenever they have a presence via the new officer a brand new HQ The housing that already exists around it around the area will go up in price and whatever land is available salable will become too expensive for the people that live there to actually be able to afford it in fact it was Senator Bernie Sanders. Democratic presidential candidate who laid into APPALOOSAS. Listens in. That room was made saying that the company helped to create the housing crisis. Not just by basing itself in California but also by not paying special taxes. Yes it is interesting to fuck. That's already sender so far has been the only Democratic candidate that has Weighed in in on apple's a new initiative because his criticism of big tax hasn't been asked central to his campaign as said for example Senator Elizabeth Warren Oren Now Sanders basically was very blunt. And saying this is hypocrisy at play and broaden it out to all tech giant's not Just apple All of these that I just mentioned that have similar initiatives saying that basically this is just putting a bandaid in gushing wound That's day it created You know it's an all in all it just seems like a spectacular PR exercise for these companies To get people to talk about how much much to GONNA help But if you add up the numbers of the housing that's GonNa be created by these funds with the housing that was lost By their presence. We don't really. I know exactly who wins. When you tell you the numbers what are the Californians? Think of this I mean no they. Happy that the You know such tech giant is now trying to says says it's time to address the housing problem. The overall consensus is that there's a deep misunderstanding By these tech companies of how how deep and how severe this housing crisis actually is in recent years. The San Francisco Bay area has become the most expensive housing market in the United States of America and Los Angeles County Suffers from housing. Costs are far above the national average. In of course you you have a state that is battling"