Apple wants affordable housing in California—but laws stand in the way

Enlarge / The Apple Park campus stands in this aerial photograph taken above Cupertino in October 2019. (credit: Sam Hall/Bloomberg via Getty Images)

Apple has pledged $2.5 billion to help address California's affordable-housing crisis, the company announced on Monday. In recent years, the San Francisco Bay Area has become the most expensive housing market in America. Los Angeles also suffers from housing costs far above the national average.

Apple's $2.5 billion package includes several different initiatives. Apple will offer a $1 billion line of credit to organizations building housing for low-income people.

Another $1 billion will be used to help first-time homebuyers-especially "essential service personnel, school employees, and veterans." In communities like Cupertino, where Apple is based, cops and schoolteachers often struggle to afford housing near their jobs.

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