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Democratic Presidential Candidate Sen. Bernie Sanders isn’t impressed with Apple Inc's (NASDAQ: AAPL) pledge to commit $2.5 billion towards solving California’s housing crisis.
What Happened
In a statement issued Monday, the 78-year-old Vermont senator criticized Apple for what he believes is a business move to enter the housing market, disguised as philanthropy.
According to Sanders, Apple is part of the problem, not the solution. Apple excuses itself from paying “billions of dollars in taxes” by using unethical practices, he alleged.
“Apple’s announcement that it is entering the real estate lending business is an effort to distract from the fact that it has helped create California’s housing crisis – all while raking in $800 million of taxpayer subsidies, and keeping a quarter trillion dollars of profit offshore, in order to avoid paying billions of dollars in taxes,” Sanders said.
Sanders, a self-described democratic socialist, has been a long-term critic of Silicon Valley companies’ practices. He previously criticized Google (NASDAQ: GOOG) and Facebook Inc (NASDAQ: FB) for “using their enormous market power to cannibalize, bilk, and defund news organizations.”
Apple Joins Fight Against Housing Crisis
Apple will dedicate $1 billion each towards affordable housing investment fund and first-time homebuyer mortgage assistance fund run by California state.
“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,” Tim Cook, the company’s CEO said in a statement.
Google and Facebook previously committed $1 billion each towards solving the state’s housing crisis.
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