9to5Mac writes that Apple's commitment includes 1 billion USD for affordable housing investments, 1 billion USD in mortgage-assistance for first-time buyers, as well as opening up Apple-owned land worth 300 million USD to develop the housing projects. The company is also committing 200 million USD to an initiative that will look to support lower-income housing and vulnerable populations in the Bay Area.

The Cupertino-based company wrote in a statement that "as costs skyrocket for renters and potential homebuyers — and as the availability of affordable housing fails to keep pace with the region’s growth — community members like teachers, firefighters, first responders and service workers are increasingly having to make the difficult choice to leave behind the community they have long called home."

Apple CEO Tim Cook added that "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. Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution."

Part of the funding will be used to overcome the barriers that make it difficult for real-estate companies to develop affordable housing projects. Thus, 50 million USD will go towards existing developments in San Francisco, which could create 400 homes over the coming two years.