Filed under: Are You Kidding?, Real Estate | Tags: abatement, Gentrification, taxes
Philadelphia has been in a budget crisis for some time now. When Nutty Mayor Nutter tried to force his iron will and close a dozen branch libraries a few months ago, the people fought back and won. Many library advocates at the time pointed to the city’s 10 year, transferrable tax abatement program for rich ass condos in Center City as the cause of the city’s lagging tax revenues.
And now, dear reader, we bring you the penthouse condo tax abatement to end all Philly tax abatements.
Behold 50 16TH STREET S 56/57 PHILADELPHIA, PA 19102. For a cool $30,000,000 (yes, 30 MILLION DOLLARS) you can live on top of one of the city’s twin towers in a small-ish 16,000 square foot penthouse.
The nice (read: baby killer) realtors also just throw in the description: “In addition, the owner of this residence will enjoy a 10-year tax abatement.”
We’re pretty sure the owners of this “residence” (read: monster mansion deathtrap) will enjoy a little more than the tax break. But what exactly would those pwned 0wners be paying in taxes for this swank pad in the clouds, if the city of Philadelphia chose to tax them sometime in the next 100 years?
Using the Philadelphia Forward guide to taxes, we will do the math for you.
30,000,000 market value x .32 = assessed value of 9,600,000 (9.6 million..chump change!). Then we take 9,600,000 and multiply by 8.264% real estate tax rate which equals $793,344 in taxes, annually. per annum. each year.
So EACH YEAR people, the scumbags who live in the 50 16th st penthouse get a 793,344 DOLLAR TAX BREAK. Multiply that by 10 years, and the city just lost out on $7,933,440 in tax revenue. Almost $8 million on one apartment. Gee, that sounds like enough to save the libraries and open the pools, doesn’t it?
Filed under: Appropriation, Are You Kidding?, Displacement, Future Plans, Gentrification, University City Creep, University City District | Tags: creep, Gentrification, university city, war, west philly
Alert! Vandals have repeatedly struck the 4500-5000 blocks of Baltimore Ave in West Philly! Every lamp post on both sides of the street has been tagged UNIVERSITY CITY DISTRICT. Why oh why would merciless thieves and liars called University City District do such a thing??
“The intent is to increase illumination, reduce the perception and reality of crime and encourage private investment.”
Oh, that. But wait, there’s more!
“Lewis Wendell, University City District’s Executive Director noted, “This project demonstrates the results of a new level of collaboration between the major institutions in University City, Penn Dot, the City of Philadelphia Streets Department and PECO.”
We here at the UCD blog love collaboration, especially between private corporations and the government. But seriously folks, the vandalizing soul-sucking demons of the “left of center” University City District should really be reprimanded for their behavior. Replacing perfectly good, working streetlights with boutique, fake vintage gaslight-looking streetlamps for a million bucks so they can hang their crummy gentrification advertising banners… well what can we say, this shit is wack.
Peep the original press release via http://www.ucityphila.org/news/release/402
Filed under: Displacement, Gentrification, Real Estate, University City District | Tags: eviction, Gentrification, university city, upenn, west philly
From something called The Jewish Exponent. Exponent? You people have to get a little better at naming your newsletter…
“David J. Adelman is the president and CEO of Campus Apartments, a company, which provides housing for undergraduates, graduate students, faculty and support staff at various colleges and universities throughout the United States.
Under Adelman’s leadership, the company has broadened its focus to include mixed-used projects on campus that incorporate both retail and office space together.
The company has increased its revenues by 300 percent over the last five years.
Adelman’s commitment to his clients extends to initiating and funding other types of projects that enhance the quality of student life on American campuses.
One of them is the University City District, a partnership between the University of Pennsylvania and other institutions to improve the safety and cleanliness in communities around Penn’s grounds and immediate area.
Moreover, Campus Apartments is the largest private-sector supporter of the district, contributing more than $500,000 over the past decade.”
That’s really charming. Campus Apartments in Philadelphia is making so much money, they can throw a half-million dollars at a gentrification committee in 10 years. That’s basically like having an employee for ten years who is paid $50,000 a year. Ah, lobbying. I’m sure Adelman’s “commitment to his clients” lies more in their exploitative monetary relationship, rather than “student life.” It’s scum like Adelman who have created the notion in yuppie pea-brains that $1,000 per month for a “studio/1BR” is a good deal in West Philly.
Filed under: Displacement, Gentrification, Poverty, Race, Real Estate, University City Creep | Tags: creep, Gentrification, home prices, university city, upenn, west philly
Every once in a while something really funny comes across our news desk. Apparently one real estate agent for RE/MAX thinks that home buyers elbowing to get their kids into the UPenn run Alexander school are making a mistake. These special brand of West Philly gentrifiers are looking to get into the Penn Alexander Catchement Area, a strangely mapped zone that qualifies your special kid to get into that special school.
Except the wise folks at REMAX give their top reasons to AVOID the special real estate zone, besides saving money…
“You don’t like the smell of Dirty Diapers on Wednesday mornings. True, the Catchment Area has exploded with the arrival of little stinkers like the one below. If you don’t like the smell of streaky green diapers on garbage day, move a few blocks away…”
Wow. Could that pesky diaper smell actually serve to dissuade people from this elitist neighborhood? We can only hope. However, the Philly Weekly article that inspired our real estate blogger actually had to quote someone using a FAKE NAME because of how much they’re ripping off people.
“We bought our first home, which is in the catchment, eight years ago for $100,000,” says Frank, a property owner/manager who now lives outside the city and doesn’t want his real name used in this article. “When the school opened, we watched our house go up to $150,000, then $200,000. Now it’s worth $400,000. With home prices rising, our rental price is higher. I’m aware that there aren’t many people in the city who could afford to rent our house.“
Local parent Pat Warner says “People have more money,” says Warner. “It’s not a bad thing, necessarily, but it’s different. And it certainly seems less diverse.”
Gee, you think? Gentrifying the neighborhood isn’t bad, it’s just different. Whiter. Richer. Stinkier. Chew on that.
Filed under: Displacement, Gentrification, University City Creep, West Philly Cultural References | Tags: creep, expansion, Gentrification, university city, west philly
via Zine Library. Sounds familiar if you live in West Philly, right? Distribute freely.
Filed under: Introducing | Tags: branding, creep, Gentrification, marketing, sketchy, ucd, university city, upenn, west philly, yellowjackets
This is an investigation of the powers that be in West Philadelphia, PA. West Philly. West Illadelphia. West Philthy. Home of The Roots, KRS-One, Will Smith and Dick Clark. Wait, what? Yes, apparently American Bandstand, the teen whitey show that launched Dick Clark’s career, was filmed in West Philly. Who knew? But the secrets of the land west of the Schuylkill (translation: rushing and roaring waters) go much deeper, and that’s what we’re here for. We are the maniacs digging up the dirt in plain sight. After all, if you were an evil megalomaniacal corporation masquerading as an academic institution, you’d probably want to brag about what you were doing, right? The landed gentry (read: yuppies, liberals, etc) have been encouraged, poked, proddled, and deeply subsidized in order to ensure a University City bubble (aka rich white safety zone) around the family jewels. Now, granted, Philadelphia is sorely lacking in social services, so it makes sense that the corporatocracy (read: University City District) would step in and provide services, like street cleaning, buffing graffiti, de-flyering, 24/7 security forces (read: yellow jacketed Allied Barton employees, 95% of whom are black and paid less than $15/hr), and real estate support services, namely marketing campaigns. More on all of this later, of course, but by now you should be tasting something sickly sweet, or notoriously bitter in your mouth…probably depending on your upbringing and requisite class-consciousness. As the University City District creeps onwards, as theives in the night, venturing further and further westward until Lansdowne is a stone’s throw away, we too must creep into the minds of every single person contemplating buying that gorgeous old house in that sketchy neighborhood that’ll probably turn around in a few years…go forth, multiply, and sow the seeds of dissent and disgust.
end university city
Filed under: Appropriation, Displacement, Gentrification, Race, Real Estate, The Master Plan, UPenn Mortgage | Tags: eviction, expansion, Gentrification, home prices, ucd, university city, upenn, war, west philly
Using the power of the internet, anyone can find this snazzy article about how UPenn is a Zombie Flesh Eating Monster. According to the Philadelphia Business Weekly, the UPenn-subsidized mortgage program was already a smashing success way back in 1998.
“It’s just been overwhelming,” said D-L Wormley, Penn’s managing director of community housing. “It literally is people from every part of the university – professors, the housekeeping department, a vice president, the physical plant. And that’s the thing I’m most thrilled about.”
And what’s good for Penn is good for West Philadelphia’s residents, the banking community there, local construction contractors and neighborhood real estate values.
Part of the new program includes cash for faculty and staff already living in the area bounded by Market Street, 49th Street, Woodland Avenue, University Avenue and the Schuylkill River: Penn is offering up to $7,500 in matching funds toward exterior home improvements.”
Of course by 2004 this program was considered a battle plan against local residents (read: black people.)
“The change in the program is two-fold. First, the geographic boundaries originally set by the program are being extended. The new borders reach out westward to 52nd Street, northward to Haverford Avenue, and eastward and southward to the Schuylkill River. The old boundaries extended only to 49th Street, Market Street and Woodland Avenue in the west, north and south, respectively.
The second alteration of the program consists of a reduction in the maximum size of the loans available to those participating in the program from $15,000 to $7,500.
The forgivable cash loan “can be used for a down payment, to buy down points, or for interior or exterior home improvements,” according to the program’s policy. The loans are forgiven after seven years on the condition that the purchaser remains in residence during that time.”"
Wait, you mean if I own a house for 7 measley years and work for UPenn during that time, I get fifteen thousand dollars for free? That’s right. Doesn’t that mean that there’s some unfair advantage available to UPenn staff?
And of course, there is:
“Penn officials note, however, that it is not their intention to force people from the neighborhood. But, the program gives the Penn-affiliated buyer a clear advantage in the real estate market.
“If two buyers are competing for the same house … the Penn buyer is already $7,500 ahead,” O’Donnell said. “If there is a bidding war, the Penn buyer is going to win.”"
Aye aye, sir! Fire away! Move the negroes out of here! Move in the zombies with cash bonuses that they don’t have to repay!
end the upenn zombie monster parade
