Street taking credit for housing market - PhillyBlog

eldondre · #1 (**permalink**) 05-25-2005, 10:43 AM

Quote:

MAYOR STREET yesterday said his campaign promise of transforming deteriorated neighborhoods into better places to live has become a reality....Street credited the anti-blight program as a major factor behind the rise in property value that's taken place in almost every section of Philadelphia. But as values rise, so do property taxes. Low-income homeowners, especially seniors, fear that rising taxes will force them from their homes.Street said his administration was working to ensure that won't happen. But he's not at all unhappy that the issue is on the table...Over the past year, all but five Philly ZIP codes have experienced a continued rise in average sale prices, although the average number of days it takes to sell a property increased from 39 to 47..."Those are now growth areas, and they certainly weren't before NTI," Davidow said. "I think the fact that it feels cleaner and safer has to be a factor."

The city sold $295 million in bonds to finance the transformation program. When other city, state and federal funds were added, the total neighborhood investment came to about $1.5 billion...Bart Blatstein, chief executive officer of Tower Investments, said the anti-blight program was not a factor in his decision to invest more than $100 million in the old brewery, at 4th Street and Girard Avenue. "But it made the banks more comfortable," he said. "It would have taken longer to get financing without NTI."

http://www.philly.com/mld/dailynews/11731000.htm

stinkweed · #2 (**permalink**) 05-25-2005, 10:59 AM

Maybe he should fight this one out with Dubya.

mja · #3 (**permalink**) 05-25-2005, 11:01 AM

Maybe it made banks feel more comfortable, but most of what has happened in Philadelphia has been IN SPITE of Street and not because of him.

I've also seen Kenny Gamble taking some credit for Graduate Hospital, which I think is ridiculous.

The fact of the matter is that the market came to life prior to either of these guys doing anything.

eldondre · #4 (**permalink**) 05-25-2005, 11:06 AM

if anything they should be sending think you letters to alan greenspan, master of easy credit.

SPM · #5 (**permalink**) 05-25-2005, 10:20 PM

I say we should thank the free market economy and how ours produces housing stock after a LONG dearth in newer construction, and how ours creates wealth big time---sure---there are some bubbles, but fact of the matter is the market responds to demand....in spite of the "experts" in the government trying to allocate resources to what they know better than the market (just like how well the Kremlin dudes worked that economy!)

And, unless you use an overnite mortgage via the Federal Funds rate, Alan Greenspan's contribution to the current low interest rate environment is the belief here and worldwide that he (or the Fed) has control of inflation.

Street was holding onto the surfboard when this wave came through; he doesn't deserve any credit. Kenny Gamble, on the other hand, marshalled resources (sure, lots of public) and helped transform an area BEFORE the big wave...and I believe his efforts HELPED make the wave big in that part of the city.