On Housing, Tech Companies Walking the Walk
Bay Area Council member Apple became the latest tech company to put its money where its mouth is in addressing the region’s housing affordability crisis. The company this week announced a $2.5 billion package of funding and other resources, including $1 billion for a housing investment fund, $1 billion for first-time home buyers mortgage assistance, $300 million worth of Apple-owned and available land for affordable housing in San Jose, $150 million for a Bay Area affordable housing fund and $50 million to help fight homelessness.
The Apple investment comes in the wake of similar investments by Facebook and Google, which in recent weeks have each pledged $1 billion to protect, preserve and expand affordable housing. That’s on top of billions more pledged by other Council members including Wells Fargo and Kaiser Permanente. The funding is extremely welcome, but can’t replace badly needed structural reforms to restrictive local government housing policies and costly regulations that have played a major role in constraining the private sector from building new housing. To engage in the Council’s housing policy work, please contact Senior Vice President Matt Regan.