Major tech firms are pouring money into addressing California’s housing crunch, but some lawmakers and advocates are skeptical the contributions will be enough to solve the growing crisis in the country’s most populous state.Apple announced last week it would commit $2.5 billion toward helping solve the housing crisis, not long after Facebook and Google both pledged to invest $1 billion. The contributions from some of the region’s largest employers come as the homeless rate and the demand for housing have skyrocketed in the Golden State.ADVERTISEMENTBetween 2010 and 2018, a period that has coincided with massive growth for tech companies, the Bay Area added roughly 882,000 jobs, according to the state’s Employment Development Department. In that same period only 177,000 new residential units were created.That uneven growth has pushed thousands out of their homes: An estimated 28,200 people in the region are currently experiencing homelessness, according to the Bay Area Economic Institute, and that figure is expected to increase further.Prices for middle-income housing have similarly trended upward, forcing many to move farther and farther away from their places of work.Apple’s $2 billion effort includes $1 billion allocated to an affordable housing investment fund, $1 billion toward a first-time homebuyer mortgage assistance… Read full this story
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