Apple is giving back to California.
Apple can do its part to assist with the California housing crisis by donating $2.5 billion to state and other attempts. That comes from the background of housing prices continued to rise in areas of the country along with a rising homeless population — that Democratic presidential candidate Bernie Sanders states that the firm helped produce. A breakdown of this $2.5 billion.
The devotion will require two years to become completely utilized by the country and will likely be distributed to help build new home projects, finance first-time homebuyers and tackle problems with the displaced. “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,” stated Tim Cook, Apple’s CEO, in a declaration Monday. “Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.”Apple will devote $1 billion into a home investment fund which will provide the nation and othes a line of charge to develop and construct new, lower-cost home for low- to moderate-income households. Another billion will probably help budding homebuyers with funding and down payment assistance. The iPhone manufacturer will even contribute some of its territory in San Jose, values $300 million. In addition, it will provide $150 million to fund long-term forgivable loans and grants for the Bay Area. The last $50 million will go to help the homeless in Silicon Valley. Sen. Bernie Sanders, a Democrat from Vermont, responded Monday to Apple’s pledge, calling it hypocritical. “Apple’s announcement that it is entering the real estate lending business is an effort to distract from the fact that it helped create California’s housing crisis — all while raking in $800 million of taxpayer subsidies and keeping a quarter trillion dollars of profit offshore in order to avoid paying billion of dollars in taxes,” the Democratic president candidate said in a press release Monday. “We cannot rely on corporate tax evaders to solve California’s housing crisis.”
Bernie Sanders comes out swinging on Apple’s housing announcement.“Apple is the latest tech industry tax evader that has portrayed its entry into the housing business as an act of philanthropic altruism.” pic. )twitter.com/Z3xInapIW8— Teddy Schleifer (@teddyschleifer) November 4, 2019
The Cupertino, California-based company has a history of tax problems. The US Senate investigated Apple in 2013 over its $103 billion held in offshore accounts. This past September, your own company began a legal battle with the European Union over a $14 billion tax bill from 2016 it says “defies reality and common sense.” Other Silicon Valley tech companies have also chipped in to deal with the crisis. Facebook past week pledged $1 billion to assist the region, where housing prices have skyrocketed. In June, Google donated $1 billion into help with that the home shortage in the Bay Area. Originally published on Nov. 4.Update, Nov. 5: Adds Sen. Sanders comment.
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