Bernie Sanders denounces Apple's $2.5 billion affordable housing initiative

"We are going to make companies like Apple start paying their fair share..."

What you need to know

• Democratic candidate Sen. Bernie Sanders has denounced Apple's $2.5 billion commitment to California's housing crisis.
• In a statement, he labeled the move "hypocrisy."
• Sanders also said that he would make "companies like Apple start paying their fair share."

Democratic candidate Sen. Bernie Sanders has denounced Apple's plan to commit $2.5 billion to California's housing crisis.

As reported by The Hill, Bernie Sanders released a statement in wake of Apple's announcement that it was planning to spend $2.5 billion on the crisis in California through a combination of affordable housing investment, mortgage assistance, "forgivable loans" and donations to homeless charities.

According to the report:

Sen. Bernie Sanders (I-Vt.) on Monday accused Apple of "throwing pennies at a housing crisis" that it "helped create" after the tech giant announced it will spend $2.5 billion on affordable housing in California.

The presidential candidate released a statement ripping Apple's "hypocrisy" and saying he would require large companies to pay "their fair share" in order to make "investments that guarantee Americans affordable housing."

According to Sanders, Apple's announcement is "an effort to distract" from the fact that Apple has helped to create the housing crisis in California. He also claims that Apple has raked in $800 million in taxpayer subsidies, and keeps a quarter of a trillion dollars offshore in order to avoid "billions of dollars" in taxes. The press release from Sanders further stated:

"Apple is the latest tech industry tax evader that has portrayed its entry into the housing business as an act of philanthropic altruism."

In the initial announcement Tim Cook stated:

"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."

Given just how much money Apple is planning to devote to this cause, Sanders' criticism is arguably a little harsh. In contrast, Gavin Newsom, the governor of California had praised Apple's commitment as "unparalleled" and said he hoped that more companies would follow Apple's lead. Tim Cook has also previously defended Apple's tax policy and has been optimistic about potential U.S. tax reform.

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