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Apple Pledges $2.5 Billion To Combat California's Housing Crisis

Mcfrank

Mcfrank

Member
Oct 28, 2017
15,216
https://www.npr.org/2019/11/04/7760...-billion-to-combat-californias-housing-crisis

Apple is pledging $2.5 billion to confront California's housing shortage, in a bid to help the state ease a crisis that's blamed for marginalizing people in service and support jobs and creating a spike in homelessness.

"The sky-high cost of housing — both for homeowners and renters — is the defining quality-of-life concern for millions of families across this state, one that can only be fixed by building more housing," Gov. Gavin Newsom said in a statement from Apple. "This partnership with Apple will allow the state of California to do just that."

The announcement comes as California grapples with how to keep pace with growing demand. By one estimate, as NPR recently noted, the state must build more than 3 million new homes by 2025.

Apple's plan includes $1 billion to create a mortgage assistance fund for first-time homebuyers, and another $1 billion that will be an open line of credit to support building "very low- to moderate-income housing," the company said.
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Good on Apple, but boy do I wish we could have a government that realize they could make every company do this.
 

Vyrak

Banned
Jan 12, 2018
663
No amount of money is going to do anything until you fix the cancerous NIMBY/zoning bullshit.
 
KHarvey16

KHarvey16

Banned
Oct 27, 2017
9,193
Remember you need $70,000 a year just to afford rent but if you make $100,000 a year you're rich.
 
adj_noun

adj_noun

Avenger
Oct 25, 2017
17,201
It's generous of them to pledge an entire year's worth of rent for a San Fran studio apartment.
 
subrock

subrock

Member
Oct 27, 2017
1,960
Earth
It would be cool if there was some sort of mechanism to take a percentage of corporate profits nation wide and use them for project like these
 
Slayven

Slayven

Never read a comic in his life
Moderator
Oct 25, 2017
93,093
I wonder if people are turning down job offices because of the housing sitatuion?
 

Deleted member 4783

Oct 25, 2017
4,531
Pretty good, and, yeah. Saying 100k a year makes you a millionaire is kind of ignorant in context of the U.S.A... But 100k a year is actually A FUCK TON MORE than what the mayority of the world makes, thus making you wealthy as fuck.
 
formasymphonic

formasymphonic

Member
Oct 27, 2017
4,643
Acorn said:
Poetic that a thread about fighting homelessness has turned into a six figures support group.
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Nah no support group. 70k is good money for a lot of people (a lot of people are in situations where that would be a fucking blessing compared to what they get), but there are some places that distort that *significantly* and it comes in and goes out real quick — SF is such a place because of tech giants, landlord greed & gentrification.
 
KHarvey16

KHarvey16

Banned
Oct 27, 2017
9,193
Acorn said:
Poetic that a thread about fighting homelessness has turned into a six figures support group.
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I think it's interesting that a data point relevant to the story severely contradicts a particular narrative forwarded by some here and pointing it out is hurriedly and desperately dismissed.
 
Fatoy

Fatoy

Member
Mar 13, 2019
7,225
Rushersauce said:
Pretty good, and, yeah. Saying 100k a year makes you a millionaire is pretty ignorant, I may say.... But still not really ignorant since 100k a year is actually A FUCK TON MORE than what mayority of the world makes.
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It is a lot of money, but for the most part the people who make those kinds of salaries and above are also surrounded by an environment and services that are pretty adept at taking a lot of it from them. Here in the UK, "London weighting" on salaries has been a thing for decades, because people recognise that it costs a lot more to just exist in London than it does elsewhere.
 
PickledCucumber

PickledCucumber

Member
Sep 14, 2019
3,028
KHarvey16 said:
Exactly. Many here refuse to consider that factor though and assume because it's a lot in rural Arkansas it's a lot everywhere with no exceptions.
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But this seems more like an exception than the rule.

You can get a decent apartment in Los Angeles for that money (unless you're living right in the heart of Downtown LA).

For 70k, I'd be able to get my own apartment and still put some money into my savings.
 
Arebours

Arebours

Member
Oct 27, 2017
2,656
Just a reminder that when companies and rich people do these things the purpose is basically to justify their position in society as a means to avoid real change (which rightly would cost them substantially more).
 

Deleted member 4783

Oct 25, 2017
4,531
Fatoy said:
It is a lot of money, but for the most part the people who make those kinds of salaries and above are also surrounded by an environment and services that are pretty adept at taking a lot of it from them. Here in the UK, "London weighting" on salaries has been a thing for decades, because people recognise that it costs a lot more to just exist in London than it does elsewhere.
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That's capitalism for you.
 

Deleted member 2226

Banned
Oct 25, 2017
5,846
It's a pretty damning indictment of California's current governing situation that corporations like Apple are having to step in. It also means Apple is seeing the housing problems probably materially affecting their ability to hire or retain talent in the area.

Offering land to build is great but unless they're allowed to build denser housing it's not going to make a huge difference.
 
Mass Effect

Mass Effect

One Winged Slayer
Member
Oct 31, 2017
16,786
While this in itself isn't bad, the idea of corporations needing to step in and do what the government should be does not bode well for the future. It reminds me of the Dominos pothole thing.

Also, I don't know how effective this will be for with NIMBYism still going strong in the Bay Area.
Acorn said:
Poetic that a thread about fighting homelessness has turned into a six figures support group.
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Well look who derailed the thread into such. Are you really surprised?
 
ejo

ejo

Member
Oct 27, 2017
401
Hawaii
better than nothing. i don't see facebook or google giving a shit about housing issues in the valley.
 
Jeremy

Jeremy

Member
Oct 25, 2017
6,639
Proper corporate taxation and good government housing policy would be better than waiting on the kindness of billionaires.
 
KHarvey16

KHarvey16

Banned
Oct 27, 2017
9,193
TeddieBear said:
But this seems more like an exception than the rule.

You can get a decent apartment in Los Angeles for that money (unless you're living right in the heart of Downtown LA).

For 70k, I'd be able to get my own apartment and still put some money into my savings.
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That number is for the entire state of California. You should click on the source given in the OPs article. Other states are right there with California.
 
The Albatross

The Albatross

Member
Oct 25, 2017
39,017
Some mixed thoughts on this:

1) If any one company or organization can be blamed for the California housing crisis more than any other, it's Apple, as one of the founders and persistent forces still with a strong presence in Silicon Valley. So, it's good that they're taking action. THey probably know to attract workers, they can't rely just on moderately higher salaries. When 25-year-old engineeers become 35-year-old engineers, a lot of them still want to have a family, some financial security in physical assets, and they want persistent housing.

2) I share Anand Girghadas (sorry, sp) opinion that corporate philanthrophy where public infrastructure can exist is a bad thing. It's one thing if there is no public infrastructure (e.g., the Gates Foundation and clean water in countries with absolutely no infrastructure to deliver clean water), but it's another in a state like California where there is a vast, bureaucratic infrastructure for handling public housing. When companies effectively buy their way into shaping policy through huge dollar donations, which they write off their balance sheets, they're buying their way into having more of a say than the people who need that housing and should have an equal voice shaping policy.

Slayven said:
I wonder if people are turning down job offices because of the housing sitatuion?
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They absolutely are. Not just in California. Like, $160,000/year at Apple is great, and obviously Apple is one of those prestige companies that everybody wants to work at, but you have to factor in the cost of living and that you're going to be paying $3500/mo for a small, 2 BR apartment if you don't want to spend 4 hours in your car or 3 hours in public transportation a day. Young people would still take that offer, but as you move up the experience ladder, people who have been working for longer know it's more of a devil's bargain and they're more willing to "Settled" for $140,000/year but at a company or region that you might be able to afford housing where you can walk to work, or have a short public transportation ride, or maybe a 15 minute commute.
 
whatsinaname

whatsinaname

Member
Oct 25, 2017
15,058
j7i4Oyj.png



So to break it down, it is

A $1b entry into the land lord market - they expect to make their money back.

A $1b entry into the mortgaging market - they expect to make their money back.

$300m of their own land given for developing - not clear if they will continue to hold an interest in the created housing.

$150m - Housing fund with forgivable loans/grants. Again, lending - So they still expect to make a part of this back.

$50m as a donation to address homelessness.

Apple pls. Just pay your fair share of taxes instead of all this nonsense and lobbying to get your overseas money into the country for free.
 
PickledCucumber

PickledCucumber

Member
Sep 14, 2019
3,028
KHarvey16 said:
That number is for the entire state of California. You should click on the source given in the OPs article. Other states are right there with California.
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Regardless, I grew up poor and in a neighborhood considered the ghetto just until a few years ago.

I know many in my community who would consider 70k a lot of money, let alone 100k. That's all I'm saying.
 
KHarvey16

KHarvey16

Banned
Oct 27, 2017
9,193
TeddieBear said:
Regardless, I grew up poor and in a neighborhood considered the ghetto just until a few years ago.

I know many in my community who would consider 70k a lot of money, let alone 100k. That's all I'm saying.
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Regardless? Regardless? That's the whole damn point being made. When it comes to affordability and quality of life $100k, as this data shows, is not rich in many areas and, given the population of those areas, not rich for many people. That's not saying for all people, so anecdotes about your neighborhood aren't contradictory.
 
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