Apple is the latest tech giant to commit billions of dollars to tackle the Bay Area’s housing crisis. Local elected officials are thrilled, but Sen. Bernie Sanders dismissed Apple's plan as a hypocritical stunt.
The Democratic candidate for president called Apple a corporate tax evader that's throwing pennies at a problem it helped create. Sanders said that if he’s elected president in the 2020 election, he will raise taxes for corporations and the wealthy, in order to fund a true “Housing For All” plan in California.
But within the state, officials expressed approval of Apple's $2.5 billion pledge, which surpasses previous $1 billion commitments from Facebook and Google to ease the housing crunch.
Governor Newsom hailed Apple for its unparalleled financial commitment.
Oakland Mayor Libby Schaaf said it’s about time the Bay Are’a big tech companies admitted they’re largely to blame for housing scarcity.
“I’m thrilled that the tech titans are stepping up, claiming the housing crisis as a responsibility and doing something about it,” Schaaf said.
Schaaf said Apple’s plan to lend $1 billion to help middle to low income families, another $1 billion in mortgage assistance and $500 million in other allocations, would have a ripple effect.
“Even if none of that money gets spent in Oakland, building affordable housing anywhere in the Bay Are helps Oakland,” Schaaf said.