Bernie Sanders Has a Problem With Apple for This Reason

Tech giant Apple has pledged to address the housing crisis in California and plans to spend $2.5 billion to do so.
While this may seem like great news, presidential candidate Bernie Sanders has an issue with it.

Apple announced this week with California’s governor Gavin Newsom, that it is funding an affordable housing investment fund as well as a fund that helps first-time homebuyers with mortgage assistance, among other grants and loans.

Apple committed to including $1 billion towards an affordable housing investment fund and a state-run $1 billion mortgage assistance fund for first-time homebuyers. It additionally created a $150 million fund that will distribute long-term “forgivable loans” and grants to affordable housing projects along side $50 million in donations to charities focusing on homelessness.

According to Sanders, Apple doesn’t pay its fair share in taxes, and therefore contributes to the California housing crisis.

In a statement on Monday, Sanders said Apple is not fixing the affordable housing problem.

“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 remarked.

Sanders’ press release states, “Apple is the latest tech industry tax evader that has portrayed its entry into the housing business as an act of philanthropic altruism.”

Sanders has proposed a “Housing for All” plan that would be partially funded by taxes on people with household net worth over $32 million.

“When we defeat Donald Trump, we are going to make companies like Apple start paying their fair share, so that we can finally start making massive long-term investments that guarantee Americans affordable housing,” Sanders promised.

Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.