Why US tech giants are putting billions into housing
For Mr Sultan, homeownership is out of the question, but he says his family is lucky. There's a woman on his street living in her car.
Apple is lending the state up to $1bn to help finance affordable housing projects and providing $1bn to California's first-time homebuyer fund. Facebook and Google have each said their plans should produce about 20,000 new housing units, some of which will be offered at below market rates. Apple has not provided an estimate for its total commitment, but expects to build about 3,600 new affordable units on its land.
Senator Wiener blames policies that hamper development - like rules that limit the height of buildings - for much of the growing gap between supply and demand.'Chipping around the edges' He says the tech industry's announcements seem in part like a"branding" effort to pre-empt new policies, such as higher taxes.
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