Today, Apple CEO Tim Cook has announced that the company has pledged $2.5 billion in donations to help combat California’s current crisis of rising home costs.
The announcement, made Monday, follows similar big pledges this year from Facebook, Google and Microsoft, which put money toward housing in its home base of Seattle.
“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,” Cook said in the announcement.
On top of that, Apple plans to launch a $150 million Bay Area housing fund “to support new affordable housing projects.” The fund is said to be consisted of long-term forgivable loans and grants.
Here’s a breakdown of Apple’s $2.5 billion donation:
Apple says it’ll take about two years for the donations to be fully utilized.