Sanders accuses Apple of 'throwing pennies at a housing crisis' it 'helped create'

Sanders accuses Apple of 'throwing pennies at a housing crisis' it 'helped create'

Sen. Bernie SandersBernie SandersSinger Neil Young says that America's presidents haven't done enough address climate change New poll catapults Buttigieg to frontrunner position in Iowa Growing 2020 field underscores Democratic divide MORE (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.”

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"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 in the release.

The Vermont senator in September released his $2.5 trillion "Housing for All" plan, which he says would provide housing for all U.S. residents funded by a wealth tax on the top one-tenth of 1 percent of income earners. Sanders said his plan would address “the twin crises of affordability and homelessness" that "have reached a breaking point.”

Apple announced earlier Monday it would spend $2.5 billion on affordable housing in California to be “part of the solution” to the “unsustainable” direction of housing in the tech organization’s home state. The company will work with the state government to provide the funds. 

Facebook also announced last month it plans to invest $1 billion to address affordable housing in the state. 

California has faced scrutiny for its rate of homelessness, particularly from President TrumpDonald John TrumpGOP divided over impeachment trial strategy Official testifies that Bolton had 'one-on-one meeting' with Trump over Ukraine aid Louisiana governor wins re-election MORE’s administration, which cited the population when calling on the state to address its air and water quality.