Philadelphia Real Estate Boom

(Credit: vic15/Flickr, back; Tom Woodward/Flickr, front)

The city long regarded as a trove of cheap housing at least compared to New York is in the middle of an affordability crisis.

Home prices in parts of Philly have jumped more than 50 percent since 2014, according to Zillow and the increases come as the c阿爱上海同城

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ity is simultaneously home to the largest proportion of residents below the poverty line, as compared to A新爱上海同城对对碰论坛

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erica s 10 top biggest cities. According to the Wall Street Journal, local government is responding with a new law that would force residential developers to offer 10 percent of new units for below-market rate rents.

Developers could also choose to pay into a city-managed fund to repair homes in lieu of selling or renting 10 percent of its units at lower rates. In exchange, for the concessions, under the law developers would be able to build more units than they would otherwise be permitted under the c上海千花网龙凤论坛

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ity s existing zoning.

According to Alterra Property Group s Leo Addimando, the law, if passed, would certainly slow down residential development.

[WSJ] Erin Hudson

Tags: affordable housing, Philadelphia, Residential Real Estate
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