🏙️ Big Moves Ahead: Philly’s Budget is Aiming at Housing 🔨

Property Manager · Philadelphia, PA · Member since 2023 · 17 posts · 9 votes

Mayor Cherelle Parker just proposed a $6.7 billion budget for Philadelphia — and housing is a top priority. 📈

🏠 $400 million in bonds are planned to create and preserve both affordable and market-rate housing across the city.
📉 The budget also includes strategic tax reforms that could boost economic activity and improve housing conditions long-term.
🛠️ The focus? Solving the affordable housing crisis, stabilizing neighborhoods, and creating real opportunity for residents and property owners alike.

As property managers, owners, and investors — this is exactly the kind of forward momentum we like to see.

Philly’s growing, investing in housing, and getting more serious about smart development.

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Stuart UdisPro Member
Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
1y
@Steven Worley Funding does not solve any problems without improved legislation. As long as theirs: (1) Progressive City Council Members with the power and inluence of councilmanic prerogative & (2) Continued evolution of progressive L&I building code requirements one thing is guaranted: It takes longer and costs more to build quality housing and those costs get passed onto the consumer whether it be a tenant or buyer. The owners and developers of more expensive real estate are merely best suited to absorb these costs and the consumer seeking out the more expensive housing is best suited to cover those increases. How does any of this aid in affordability or help those in need?

This is why I won't touch a piece of real estate where I can't lease a 1 Bedroom for less than $1500. I'm also unwillig to build for-sale housing that can capture $400/PSF. In 2013 I could complete a gut rehab of a 1200 SF home fully permitted for $50,000. That same rehab costs 2X that now with permitting procsses that take significantly longer. That's a legislation problem, not a funding problem.

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- Steven Worley
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  Property Manager · Philadelphia, PA · Member since 2023 · 17 posts · 9 votes
  1y
  Quote from @Stuart Udis:
  
  @Steven Worley Funding does not solve any problems without improved legislation. As long as theirs: (1) Progressive City Council Members with the power and inluence of councilmanic prerogative & (2) Continued evolution of progressive L&I building code requirements one thing is guaranted: It takes longer and costs more to build quality housing and those costs get passed onto the consumer whether it be a tenant or buyer. The owners and developers of more expensive real estate are merely best suited to absorb these costs and the consumer seeking out the more expensive housing is best suited to cover those increases. How does any of this aid in affordability or help those in need?
  
  This is why I won't touch a piece of real estate where I can't lease a 1 Bedroom for less than $1500. I'm also unwillig to build for-sale housing that can capture $400/PSF. In 2013 I could complete a gut rehab of a 1200 SF home fully permitted for $50,000. That same rehab costs 2X that now with permitting procsses that take significantly longer. That's a legislation problem, not a funding problem.
  
  You're absolutely right — funding alone doesn’t guarantee impact without streamlining the legislative and permitting processes that affect development timelines and project viability.
  
  I’ve seen firsthand how delays in L&I, rising material costs, and city-specific challenges make it harder to deliver housing that's actually affordable — both for developers and the end users.
  
  I don’t see the budget as a solution in itself, but hopefully it puts more pressure on the city to align legislation with the urgency of the housing issue.
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Alan AsriantsBusiness Member
Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
1y
When they fix my trash issues at my property and stop raising my taxes then i'll believe them.
Otherwise they keep raising taxes and doing literally nothing. There are a bunch of useless departments in philly getting salaries for a role that no one needs. What they need to do, is get rid of the junk, stop pocketing the money, and start actually investing it back into the city.
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- Steven Worley
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  Property Manager · Philadelphia, PA · Member since 2023 · 17 posts · 9 votes
  1y
  Quote from @Alan Asriants:
  
  When they fix my trash issues at my property and stop raising my taxes then i'll believe them.
  Otherwise they keep raising taxes and doing literally nothing. There are a bunch of useless departments in philly getting salaries for a role that no one needs. What they need to do, is get rid of the junk, stop pocketing the money, and start actually investing it back into the city.
  
  It’s tough to get excited about major funding announcements when basic services like trash pickup are still unreliable and taxes keep rising with little return.
  
  There’s clearly a gap between what’s being promised and what’s actually being delivered. Hopefully, with housing taking center stage, we’ll start to see more accountability and smarter use of resources.
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