Apple has committed a record $2.5 billion to help address the housing availability and affordability crisis in California. The amount is two and a half times greater than the $1 billion each that Google and Facebook have pledged.

Nearly 30,000 people left San Francisco between April and June of this year and homeownership in the Bay Area is at a seven-year low.

"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,a Apple CEO Tim Cook said in a statement on Monday.

In partnership with Governor Gavin Newsom, the state of California and community-based organizations, Apple is providing a significant investment that offers statewide housing support as well as funding for projects in Silicon Valley and the Bay Area.

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"This unparalleled financial commitment to affordable housing, and the innovative strategies at the heart of this initiative, are proof that Apple is serious about solving this issue. I hope other companies follow their lead," said Newsom.

By putting its $2.5 billion investment to use across multiple initiatives and partners, Apple's housing initiative offers a comprehensive and multi-pronged approach to address some of the most urgent challenges facing affordable housing in California. (IANS)