Update:
There is a law (well if you wanna call it that feel free) that allows residents to purchase property in the Philadelphia area at a lesser price...well kinda.
Tax abatement (sounds illegal-its not dont worry)- is what is going on in Philadelphia. If you buy a property you have a 10 year break on the property taxes that you would pay to own that land.
Basically if you buy a million dollar property in Center City instead of paying $12,000/yr in taxes you pay $1,200- sweet right!...ehhh not so much
The demand for more property increases and makes the value of the properties in the area go up and those who were here before the program was established are now paying higher property taxes. So yea if your new to the area its a great deal, but for those who have lived here their entire lives its a swift kick in the crotch (ouch). hmmmm
THINKING...
So if we figure out how to make tax abatement work for long time residents and not just for out-of-towners trying to save a buck we can put more money in the hands of people who are most important when it comes to stimulating the local economy?
Ill work on it...give you an update soon.
FUN FACT OF THE DAY (brought to you by little miss sunshine):
60% of all Philadelphia property is owned by a New York resident.
Showing posts with label Urban Development. Show all posts
Showing posts with label Urban Development. Show all posts
Jun 7, 2008
May 7, 2008
Urban Development
For all that do not know i am an economics major (yes ill wait while you all make ugly faces and say how you dislike econ). to be completely honest i dont even really like econ, but i do like some of the topics that we discuss; for instance we just briefly spoke on issues of development and unemployment (vague i know) but after the talk i began to narrow the topic down to what interests me: urban economic development - in particular Philadelphia economic development.
let me get everyone up to speed>>>
Philadelphia was once a happenin' place, all the movers n shakers were coming here. BIG GAP. here we are today. we see rundown buildings and homeless people all over. the city is now trying to make a comeback. in N. Philly (where i be @) real estate is one of the biggest money generating activities- however, because the locals don't have the $$$ to buy real estate it leaves the market wide open for outsiders (Jerz, NY, DC) to come in buy up all the property and take the revenue generated from rent back to their state....now you're with me.
N. Philly's problem is not the lack of $$$...its there, trust, i hear tell of students parents droppin' stacks on whole buildings just so little Timmy and Susie can be "comfortable". the problem is that the money leaves once it comes in. thousands of dollars of revenue created via rent leaves Philly every month and makes its way to NY, DC, Jerz...not good!!! it leaves the area marginally better than it started, i say marginal because property taxes and such help keep us afloat (essentially these outsiders are pimpin Philly). thus N. Philly struggles to increase its $$$, businesses leave, those who come barely make it, people have no $$$ to reinvest into the local economy.
Solution ---the moment you have all been waiting for!
Economic policies that allow for local residents of an area to purchase property at a highly discounted rate and provide city assistance in the reconstruction of property would boost the local economy. enticing businesses to move in, pushing the outsiders elsewhere, and turning N. Philly back into that happenin place from way back when.
what am i doing?
i am going to find out if anything like this really exists, if not and if so i am going to improve or create it, then i am going to bust my ass to get this thing enacted the way that it should be, so that when i leave Philly i will leave it in better condition than when i came...puttin that good ole noggin to use ;-)
how can you help
Im going to need help...my date of completion for this endeavor is August 17th, meaning whatever action that is going to happen i want to be starting on that date (gotta bust down some bureaucratic doors here). so that means anyone interested in helping or providing some insight should contact me via email: c.dantley@temple.edu or just comment on this post and the others that will follow
this is the first step to taking over the world...one city at a time, my plan is beginning to unfold (dont worry ill keep yall posted) <--pun intended
let me get everyone up to speed>>>
Philadelphia was once a happenin' place, all the movers n shakers were coming here. BIG GAP. here we are today. we see rundown buildings and homeless people all over. the city is now trying to make a comeback. in N. Philly (where i be @) real estate is one of the biggest money generating activities- however, because the locals don't have the $$$ to buy real estate it leaves the market wide open for outsiders (Jerz, NY, DC) to come in buy up all the property and take the revenue generated from rent back to their state....now you're with me.
N. Philly's problem is not the lack of $$$...its there, trust, i hear tell of students parents droppin' stacks on whole buildings just so little Timmy and Susie can be "comfortable". the problem is that the money leaves once it comes in. thousands of dollars of revenue created via rent leaves Philly every month and makes its way to NY, DC, Jerz...not good!!! it leaves the area marginally better than it started, i say marginal because property taxes and such help keep us afloat (essentially these outsiders are pimpin Philly). thus N. Philly struggles to increase its $$$, businesses leave, those who come barely make it, people have no $$$ to reinvest into the local economy.
Solution ---the moment you have all been waiting for!
Economic policies that allow for local residents of an area to purchase property at a highly discounted rate and provide city assistance in the reconstruction of property would boost the local economy. enticing businesses to move in, pushing the outsiders elsewhere, and turning N. Philly back into that happenin place from way back when.
what am i doing?
i am going to find out if anything like this really exists, if not and if so i am going to improve or create it, then i am going to bust my ass to get this thing enacted the way that it should be, so that when i leave Philly i will leave it in better condition than when i came...puttin that good ole noggin to use ;-)
how can you help
Im going to need help...my date of completion for this endeavor is August 17th, meaning whatever action that is going to happen i want to be starting on that date (gotta bust down some bureaucratic doors here). so that means anyone interested in helping or providing some insight should contact me via email: c.dantley@temple.edu or just comment on this post and the others that will follow
this is the first step to taking over the world...one city at a time, my plan is beginning to unfold (dont worry ill keep yall posted) <--pun intended
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