Democratic presidential candidate Senator Bernie Sanders has come down heavily on tech giant Apple for announcing USD 2.5 billion investment to tackle the California housing crisis. Sanders termed the announcement as ‘throwing pennies’ towards the housing problem and said that this is a move to distract people from the fact that it played a major role in the creation of the problem. “The announcement by Apple that it is entering the real estate lending business is nothing but an effort to distract from the fact that the company helped create California’s housing crisis. We can’t trust corporate tax evaders to solve this crisis,” Sanders said in a statement.
Sander said that the tech giant has made USD 800 million of taxpayer subsidies and kept a quarter trillion dollars of profit offshore just to avoid paying billions of dollars in taxes. He also pointed out that Apple has joined the list of tech companies that evaded tax and then entered into the housing business to prove that they are philanthropists. Earlier, the search engine giant Google and social media giant Facebook had announced a similar investment in the housing crisis. Though, the announcement was much less in comparison to the one made by Apple. This is not the first time when the Democratic presidential candidate has openly criticized Apple. Earlier in 2016, he asked the tech giant to manufacture its products in the US and pay its fair share of taxes.
Apple has said that out of the total USD 2.5 billion investment, USD 1 billion would be first-time homebuyer mortgage assistance fund that will be used for providing financing and down payments of people of California It would also open up USD 300 million of Apple-owned land near the city of San Jose for affordable housing. Additionally, It would offer a USD 150 million Bay Area housing fund for prospective homebuyers in the San Francisco metropolitan area. The main aim of this fund would be to offer forgivable loans and grants to these homebuyers.