The Official Newsletter of the
Building Industry Association of Philadelphia
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Inclusionary Zoning Then And Now
Continued from page 9
Let’s join together to support state
and Federal incentives for location
efficient mortgages which would
reward Philadelphians for living near
SEPTA. Let’s get some of the $700 billion bail out money going to banks
to finance more low income housing
tax credits. Let’s join with the Mayor
and raise our sights to build a
Philadelphia economy that reduces
poverty and increases wealth. Failure
to develop a strategy to raise incomes
in Philadelphia ensures that poverty
will continue to be one of our biggest
industries.
Furthermore, there is already a
great deal of affordable housing currently deployed throughout the city.
The affordable housing advocates
have offered no analysis of how
much affordable housing the city
already has and where it’s appropriate to construct more. Many of our
most distressed neighborhoods are
in need of more private capital
investment and the unintended con-
18
Spring 2009
sequences of this legislation will
cause this needed investment to flee
to locations that have a lower cost of
entry. The resulting collapse of house
prices could create the kind of affordability Philadelphia suffered under
not so long ago with thousands of
abandoned buildings.
Last spring the BIA presented
Councilman Clarke with a full report
on the incentives that would be needed to offset the costs of Inclusionary
Zoning. The report is available for public viewing on the BIA website at
www.biaofphiladelphia.com. The proposed
incentive list included ways to offset
the Inclusionary Zoning “tax” that had
some reliance on financial help from
the city. Given the current budget cris