Doug Shimell

So, this is where so-called affordable rental housing is headed in Philadelphia?

A shortage of low-to-moderate-income rental housing of any kind has created a desperation among renters.

Hapco Philadelphia says rental owners are not behind the resulting bidding wars.  Rather, prospective tenants are trying to outbid each other to get an apartment.

Hapco Philadelphia notes a proposed ordinance granting property tax relief in the wake of skyrocketing assessments focuses more on owner-occupied properties than rental and investment property owners.

Councilmember Kenyatta Johnson’s bill sounds good, but the Devil’s in the details.

Hapco Philadelphia is joining 22 other organizations city-wide for a rally at Philadelphia city hall Wednesday June 1st.

The message to Mayor Kenney and City Council is to cut the city wage tax along with taxes on small businesses.

The idea is that cutting taxes creates a de facto pay raise for Philadelphia workers and will help keep rental property owners from leaving the affordable housing market.

HP is urging its members to attend the June 1st Noon rally on the North side of city hall.

When Philadelphia released its property value assessments for 2023, they jumped by almost a third.

Hapco Philadelphia members make up the majority of rental owners of low-to-moderate-income rental housing, and they’ll suffer most.

HP rental owners are already reeling from months of unpaid rent during the pandemic eviction moratorium, and skyrocketing assessments will only serve to drive more rental property owners out of the affordable housing market.

The board of Hapco Philadelphia has always contended that City Council should stop looking to property value assessments as a profit center for City Hall.  It should always be revenue-neutral.

And City Council must include rental property owners in any financial relief programs to offset massive jumps in property tax bills.