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Apple to Invest $2.5 Billion in New Housing in Bay Area

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SAN JOSE (CBS SF) — Declaring ‘we know the course we are on is unsustainable,’ Apple CEO Tim Cook announced a $2.5 billion investment by the high-tech giant in a plan to help ease the ever-tightening San Francisco Bay Area housing market.

The company laid out a five-point plan, including $1 billion for an affordable housing investment fund, $1 billion in mortgage assistance for first-time home buyers and opening some Apple-owned land valued at $300 million for development.

The remaining $200 million will go toward a San Francisco housing fund and to support vulnerable populations.

In San Francisco, roughly 7,000 people are homeless. There is a shortage of affordable homes across the Bay Area, which is pushing out middle and low-income workers like teachers and restaurant employees. Critics say […]

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