Billions of dollars from giant tech corporations like Google, Facebook, and Apple is not enough to help the need for affordable housing in the expensive california housing market, according to The New York Times.
Apple has committed $2.5 billion, Google and Facebook also both committed $1.5 billion to help combat the housing crisis in California. Although, the initiative faces resistance from many people currently living in California.
Questions regarding where the housing will be built and how have been around in California for decades. The billions of dollars committed to these initiatives will remain locked up until a plan can be devised that is sufficient for both parties.
“These investments are an opportunity, because clearly the tech companies want to engage and want their money to make a difference,” said Carol Galante, faculty director of the Turner Center For Housing Innovation at University of California, Berkeley.
Billions of dollars from giant tech corporations like Google, Facebook, and Apple are the right start for tackling the affordable housing crisis in California, but there is doubt over whether they will be effective.