Pittsburgh is considering a gentrification and displacement prevention measure for longtime residents of rapidly changing neighborhoods in the city of Pittsburgh.
Ashley Murray reports: "Longtime homeowners in Pittsburgh’s rapidly developing neighborhoods could get protection from increasing property taxes under a proposal announced by state lawmakers and Mayor Bill Peduto Tuesday."
A bill proposed by state Rep. Ed Gainey, D-Lincoln-Lemington, and Rep. Sara Innamorato, D-Lawrenceville, would implement the Longtime Owner Occupant Program (LOOP).
LOOP would, according to Murray, "exempt certain homeowners — those who, for example, have owned property for a minimum of 10 years in a rapidly developing neighborhood — from having to pay increased property taxes, or allow them to defer the taxes to the next owner."
The article includes more detail on the specific neighborhoods and market conditions the bill is designed to relieve.
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