Gregory Heller wrote an op-ed in last week's Daily News calling for legislation that would halt increases in property taxes for longtime homeowners in gentrifying neighborhoods.I think this is a great way to protect longtime residents in neighborhoods that are developing and would like to see this kind of legislation passed here. But I would also like to hear from those working or living in those neighborhoods.
Here are some key points Gregory makes:
Census data shows that Philadelphia has the highest poverty rate of the nation's 10 largest cities, at 24.5 percent. At the same time, we have a citywide homeownership rate of 59 percent, much higher than comparable cities.
Even the most disadvantaged Philadelphia neighborhoods (with more than 25 percent of residents with incomes below the poverty line) still have at least a 40 percent ownership rate. Compare this to a neighborhood like Harlem in New York, with about 10 percent homeownership, and a citywide average of 32 percent.
We have an opportunity that very few cities have: many low- and moderate- income homeowners. When an area gentrifies, homes may increase substantially in value. From 1999-2005, the median sale price in East Falls went from $70,000 to $202,000; in Fairmount, from $105,500 to $300,000; in Fishtown, from $40,000 to $159,900; and in University City, from $100,000 to $322,500.
Philadelphia has more than 92,000 owner-occupied households with incomes of less than $20,000 a year. If low- and moderate- income homeowners could afford to stay in gentrifying communities, they could benefit from the area's rebirth, and stand to develop a valuable asset. Over time, this approach could have an impact in reducing our city's poverty rate, while revitalizing our neighborhoods in a way that is equitable and diverse.
And the full article here or after the break.