Rising Pricing N. of Fairmount
Inky article on housing boom in Francisvile(Realty boom spreading in N. Phila.) does a decent job highlighting how the dramatic rise in housing prices threatens to push out longtime residents. 'Francisville' includes Project HOME's hq where some affordable housing coalition meetings are held. Thoughts?
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This is an all too familar
This is an all too familar formula now. Long time residents will have to battle to keep their homes. Real estate taxes will increase dramatically as the more affluent move into the revitalized area. Taxes will become the new mortgage for the poor, seniors on fixed incomes and the working class in this neighborhood.
Neighborhood leaders with good intentions must be viligant in their advocacy of current residents. The elderly resident who stated that the "pandora's box is open" may have been more realistic about the future of her neighborhood.
Am I naive to believe that blighted areas can be revitalized without displacement of residents? City planning needs to be restored to the planning commission instead of being led by developers.
However, it is good to see Journalism at its best - reporting the full story with all views
"The good thing is the
"The good thing is the improvement in the neighborhood," Dandridge said. "The bad thing is will long-term residents be able to afford to stay here? Taxes will be rising. And can renters afford to stay?"
This is the reality of the development that is happening all over the city. Neighborhoods are coming up, but for WHO? People who have lived in these neighborhoods for decades are finally starting to see improvements, but are also realizing that these improvements are not for them. Long time residents are not part of the redevelopment plan. Instead, they are expected to leave and make way for people from Mannhattan (where $400,000 is considered affordable). What is going to happen when the city asseses property values next year and people who have been paying taxes on homes that just years ago were worth $13,000 will now have to pay taxes on the same property that is now valued at $400,000!
Also, I am curious about Wachovia giving the 'neighborhood' money to help plan the development. What is this all about? They have their hands in a lot of things here in the city. We know that they are funding the large development planning in Haddington. Also, someone posted on this blog that they run two sherriff sales of forclosed property here in Philadelphia every month. I suppose that is because they are the lenders for these properties? What are they getting out of all of this? And WHO exactly is representing the neighborhood in this so called neighborhood planning?
what if there was a cap for
what if there was a cap for long-time residents on real-estate tax increases? would this solve the problem? that way they wouldn't be pushed out?