Silicon Valley photo by Shutterstock.

CUPERTINO, CA—Apple announced this morning that it would commit $2.5 billion to address housing affordability and availability in California, particularly in Silicon Valley and the Bay Area. Apple intends that its initiative will accelerate new housing production—that is, jump-start long-term developments that would otherwise not be possible. It also expects to help first-time buyers purchase homes as well as support new housing and programs to reduce homelessness.

Not only is Apple is providing investment for statewide housing support, it is also funding projects in Silicon Valley and the Bay Area. It notes that nearly 30,000 people have left San Francisco between April and June of this year and that 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," said Apple CEO Tim Cook, when announcing the deal.