Two proposed pieces of legislation would create a new revenue stream for Philadelphia's affordable housing efforts and protect tenants of existing affordable units.
"Philadelphia is trying to harness the booming real estate business to bankroll affordable housing," according to an article by Jake Blumgart.
Councilmember Derek Green is leading some of the efforts to tap into the largesse of the real estate development industry. Councilmember Green has proposed two bills. One would allow bonuses for commercial developments that pay to the city's Affordable Housing Trust Fund. The other "would require landlords who own apartments where affordability regulations are going to expire to present the city with their plans for the buildings two years in advance," according to Blumgart.
The article devotes the most ink to the second proposal, citing data to describe the state of affordable housing in Philadelphia and noting the skepticism among landlords that the idea would work.
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