[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Clear
Clear
70°F
 
Calendar
Today in
S.C.V. History
August 11
2018 - Big Oaks Lodge in Bouquet Canyon burns down [video]
Big Oaks Lodge


| Monday, Nov 4, 2019
Apple headquarters at Infinite Loop in Cupertino, California, USA. | Photo: Joe Ravi/WMC CC-BY-SA 3.0. Apple headquarters at Infinite Loop in Cupertino, California, USA. | Photo: Joe Ravi/WMC CC-BY-SA 3.0.

Apple committed $2.5 billion to address the housing affordability crisis in California, the company announced Monday morning, becoming the latest Silicon Valley titan to join the housing fray.

Apple will create a $1 billion housing investment fund, which the company touts as the first of its kind, while contributing another $1 billion to first-time buyer mortgage assistance and opening up Apple-owned parcels in the Bay Area to affordable housing development.

“Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community,” said Apple CEO Tim Cook in a statement issued Monday.

Other Silicon Valley-based companies have also pledged outsize sums to help ease the housing crunch, with Google promising $1 billion this past June and Facebook also signing up for a $1 billion investment last month.

The San Francisco Bay Area and Silicon Valley in particular have some of the highest housing costs in the country, which make it difficult for both low- and middle-income earners to afford housing. The lack of housing affordability has exacerbated the homelessness crisis in the Bay Area and other parts of California. Furthermore, it has plunged individuals and families into poverty as a large percentage of Californians allocate at least half of their monthly income to housing.

For renters, about 30% of California residents dedicate 50% or more of their monthly income to keeping a roof over their head, according to a recent study by the California Budget and Policy Center. Approximately 54% of renters in the state are considered cost-burdened, in that they spend at least 30% of monthly income on rent.

Housing costs have led to a net loss in population for the Bay Area specifically and California in general, according to Redfin, while homeownership rates are in decline.

California Governor Gavin Newsom welcomed Apple’s investment Monday, saying he hopes more companies follow the example set by three of Silicon Valley’s major corporations.

Newsom campaigned on bringing housing costs down for middle-class Californians while helping solve the high levels of homelessness rampant throughout the state.

Critics of companies like Apple, Facebook and Google say the companies are responsible for the spike in housing costs, bringing high paying jobs to communities lacking the housing stock to accommodate the influx of employees.

California has added about 308 housing units for every 1,000 new residents, according to the McKinsey Global Institute.

Lawmakers have offered various solutions.

Republican legislators typically focus on environmental laws and other restrictive regulations that make building new housing difficult, saying such onerous demands on developers have suppressed supply.

Those on the Democratic side tend to focus on unscrupulous landlords evicting tenants and jacking up rent to take advantage of the high housing prices.

The Legislature passed a statewide cap on rent in September, with proponents saying it will curb price-gouging and critics claiming it will dissuade developers and keep the housing supply too low.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
Los Angeles County reaches a somber milestone as deaths from COVID-19 surpass 5,000, the Los Angeles County Department of Public Health confirmed Tuesday.
L.A. County Reaches Grim Milestone: More than 5,000 COVID-19 Deaths
In a back-to-school day unlike any other before it, the first group of Santa Clarita Valley K-12 students and teachers returned to the classroom via a distance learning format Tuesday.
SCV Teachers, Students Return to Virtual Classrooms
SAN FRANCISCO - The Pac-12 CEO Group voted unanimously to postpone all sport competitions through the end of the 2020 calendar year.
Pac-12 Conference Postpones All Sports Through 2020
Los Angeles County Supervisor Kathryn Barger has released a statement regarding a recent incident involving deputies from the Santa Clarita Valley Sheriff's Station - an incident, which was recorded by bystanders, and has since gone viral.
Barger Releases Statement Regarding Incident Involving SCV Deputies
(CN) — Presumptive Democratic presidential nominee Joe Biden selected California Senator Kamala Harris as his running mate Tuesday, upholding a debate promise to pick a woman to round out his ticket.
Biden Taps California Senator Kamala Harris as Running Mate
The U.S. Economic Development Administration (EDA) announced the award of $38 million in Coronavirus Aid, Relief, and Economic Security (CARES) Act Recovery Assistance grants to 14 Revolving Loan Funds (RLF) grantees, including the Los Angeles County Development Authority (LACDA).
L.A. County Secures $10.9M CARES Act Grant
Santa Clarita Valley Sheriff’s Station deputies rushed to a Canyon Country shopping center parking lot Tuesday after receiving a call from a man who said he had shot someone in a vehicle.
Deputies Respond to Possible Shooting in Canyon Country
Circle of Hope has announced their 16th annual signature Tea fundraiser, which will be held Saturday, Oct. 3, will feature something new and different with an internationally themed dinner and program.
Oct. 3: Circle of Hope Semi-Virtual Tea Fundraiser
Los Angeles County Chief Executive Officer Sachi A. Hamai, who agreed to temporarily postpone her retirement to help lead the County through the initial phase of the COVID-19 emergency, announced that she will retire at the end of August 2020.
L.A. County CEO Announces New Retirement Date
Children’s Bureau is now offering an online foster-adoption orientation for individuals and/or couples who are interested helping children in foster care while reunifying with birth families or to provide legal permanency by adoption.
Children’s Bureau Foster-Adoption Orientation Available Online
2018 - Big Oaks Lodge in Bouquet Canyon burns down [video]
Big Oaks Lodge
Los Angeles County Public Health on Monday confirmed 19 new deaths and 1,920 new cases of COVID-19 countywide, as officials see signs of stability in key indicators, including daily hospitalizations and deaths.
Monday COVID-19 Roundup: L.A. County Shows ‘Signs of Stability’; SCV Cases Total 4,779
Dr. Omar Torres has been named the new Chief Instructional Officer at College of the Canyons in Santa Clarita, California.
Dr. Omar Torres is New CIO at College of the Canyons
Along with added stress for struggling businesses and a failing unemployment agency, California Governor Gavin Newsom estimated Monday it would cost the state $700 million per week to implement the president’s proposed unemployment plan.
Newsom: Trump Unemployment Plan Will Cost California $700 Million a Week
Two young Black men were detained at gunpoint by Santa Clarita Valley Sheriff's Station deputies Friday in an incident that was witnessed and videotaped by numerous residents.
Smyth Calls for Removal of SCV Deputy Pending Investigation
Sempra Energy reported second-quarter 2020 earnings of $2.239 billion, or $7.61 per diluted share, compared to second-quarter 2019 earnings of $354 million, or $1.26 per diluted share.
SoCalGas Parent Sempra Energy Posts Increased Earnings in Q2 2020
The Petco Foundation put forward a match wherein they would grant $25,000 to DACC for COVID-19 relief if another $25,000 was raised to match the award.
Petco Matches Donations, L.A. County Animal Care Foundation Raises $50K
The city of Santa Clarita’s Film Office has reopened, is issuing new permits, and reports that two TV productions and a still photoshoot are filming in the Santa Clarita Valley this week
TV Productions Ramp Back Up in SCV, ‘Hollywood North’
Amid a surge of coronavirus infections and deaths in California, Dr. Sonia Angell, the state’s top health official, announced her resignation Sunday.
Dr. Sonia Angell, California Public Health Chief, Quits Amid COVID Data Snafu
In an effort to assist renters with limited means affected by the COVID-19 crisis, the Los Angeles County Board of Supervisors has provided $100 million in CARES Act funds to create a COVID-19 Rent Relief program, operated by the Los Angeles County Development Authority.
L.A. County COVID-19 Rent Relief Program to Launch Aug. 17
In a socially distanced, drive-thru event, a number of Santa Clarita Valley organizations came together Thursday to distribute “peace bags” to students, with the hopes of spreading joy, positivity and community engagement.
Organizations, Volunteers Distribute ‘Peace Bags’ to SCV Students
The William S. Hart Union High School District discussed the move of Sequoia School during its board meeting Wednesday.
Parents Share Concern Over Sequoia School Plan
In separate incidents, Santa Clarita Valley Sheriff's Station deputies arrested a wanted felon and his companion on felony warrants last week and three suspects on auto theft charges Friday and over the weekend.
SCV Deputies Nab Wanted Felon, Arrest Auto Theft Suspects
1769 - Fr. Juan Crespi, en route to San Francisco Bay with the Portolá expedition, names the Santa Clara River Valley (SCV) for St. Clare [story]
Fr. Crespi cenotaph
%d bloggers like this: