While California has been notorious for costly houses, prices in Silicon Valley especially have skyrocketed.

Early this morning, Apple’s CEO Tim Cook made an unprecedented announcement that the company will contribute $2.5 billion to a plan that helps address California’s housing crisis in Silicon Valley. The sharp increase in housing costs has caused many residents to pack up and leave in search of somewhere less expensive to live.

Apple cited a statistic from Mercury News that home ownership in the Bay area is at a seven-year low. Real estate news publication Redfin shows that almost 30,000 people have left San Francisco just between April and June of this year.

Cook said he hopes other tech giants in the locale follow the way of Apple so affordable housing in the area can become a reality sooner.

Apple quoted Cook who explained, “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. 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.”

In terms of how the $2.5 billion will break down, Apple said $1 billion will be spent to expedite construction of low and moderately-priced housing. The company wants to reduce the price of housing as well. Another $1 billion will go towards mortgage assistance for first time homebuyers. Apple also said they will use $300 million worth of company land in San Jose to set up new affordable housing.