BUrower t1_jee8zfc wrote

If landlords are able to raise rents that much, it’s because there is a shortage of housing units. There really isn’t “lots of new luxury buildings.” There are a handful of true luxury apartments and another handful of new construction apartments that have opened recently, but as a percentage of total housing inventory, it’s nothing, not enough to keep rents down.

What you described is a direct result of the city not allowing enough housing, there is an under supply. The city could 1. upzone the more desirable neighborhoods, especially those walking distance to transit .which would permit more housing units on a given parcel 2. Remove burdensome parking minimums and zoning overlays.


BUrower t1_jeatub9 wrote

When someone rents a unit in a brand new building, they don’t rent an older unit. Less demand pressure on the old unit keeps rents lower.

We absolutely should be developing more apartment buildings (and for that matter at a greater unit density per acre). Philly has under-built apartments for decades.


BUrower t1_j2asept wrote

Vacancy rates and rising rents tell a different story. Landlords don't raise rents unless they can get those higher rents. They can get those higher rents because demand is outpacing supply. Increase supply and the market becomes tenant favorable, not landlord favorable. Additional new supply forces landlords to update their old units to be competitive with newer apartments or drop their rents to be in line with the condition of the unit they are offering.


BUrower t1_j29mp06 wrote

Displacement happens as a result of not building enough housing units. That can be fixed but it would require upzoning, ending councilmatic prerogative, ending parking minimums, increasing inclusionary height bonuses, getting serious about transit oriented development, making it easier to build "missing middle" housing, etc.


BUrower t1_j2950mz wrote

Philly's goal should be to get to 2 million residents. Unfortunately, with the games city council is playing, we're going to see multifamily (apartment) construction slow down once buildings currently under construction get completed.

To get to 2 million residents we'll need:

  • upzoning, especially close to rail stations (both rapid transit and regional rail)
  • offer developers attractive bonuses that allow them to increase density. We currently have some, but I'd like to see one for adding public restrooms at ground level. For existing bonuses, at minimum double the height of any inclusionary bonus.
  • Septa fully enacts Reimagining Regional Rail
  • Septa add trolleys along key corridors under served by rail currently
  • End parking minimums.
  • Build a comprehensive protected bike lane network

Not a comprehensive list, but you get the point.


BUrower t1_ixn0yl3 wrote

The prices in all the other neighboring shore towns have sky rocketed in the last 10 years. AC in many ways has a blank slate and people will start to go there if nice developments are built. It's a train ride from Philly and the casinos have year round quality restaurants that you don't necessarily get in the other shore towns.

It will take a massive amount of capital to get the ball rolling, but the potential is absolutely there.


BUrower t1_ixn0hcb wrote

Vegas is over-developed. I actually think AC has too many casinos as well. Should honestly keep Ocean Club, Harrahs, Borgata, Trop and Hard Rock. Bulldoze the rest. Build condos, mixed use development, triplexes and maybe a handful of single family houses in their place.