(Credit: vic15/Flickr, back; Tom Woodward/Flickr, front)
The city long regarded as a trove of cheap housing at least compared to New York is in the middle of an affordability crisis.
Home prices in parts of Philly have jumped more than 50 percent since 2014, according to Zillow and the increases come as the city is simultaneously home to the largest proportion of residents below the poverty line, as compared to America s 10 top biggest cities. According to the Wall Street Journal, local government is responding with a new law that would force residential developers to offer 10 percent of new units for below-market rate rents.
Developers could also choose to pay into a city-managed fund to repair homes in lieu of selling or renting 10 percent of its units at lower rates. In exchange, for the concessions, under the law developers would be able to build more units than they would otherwise be permitted under the city s existing zoning.
According to Alterra Property Group s Leo Addimando, the law, if passed, would certainly slow down residential development.
[WSJ] Erin Hudson
Related Articles arrow_forward_ios Nonprofit plans affordable housing development near Essex Crossing Nonprofit plans affordable housing development near Essex Crossing
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
REAL NEWS, REAL DEALS DELIVERED DIRECTLY TO YOUThe Real Deal’s newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.
We are having some technical difficulties. Try again later.