PHILADELPHIA NEEDS TO LIMIT RENT INCREASES

• The real estate market in the City is undergoing a dramatic change causing skyrocketing rent increases and resultant displacement and community destabilization. Rents have increased 80% above the overall cost of living in the last year alone.
• The City has no plan that would make sure this development takes place in a way that promotes the sustainable development and livability of the City. Market forces are insufficient. The Comprehensive Plan being used by the City Planning Commission for housing was created in 1960 and was modified 1988 to include changes in Center City. It has not been updated since.
• The need for low-income housing has reached epidemic proportions. It has been estimated that the City of Philadelphia needs more than 60,000 units of additional housing for residents earning less that $20,000 per year.
• The gentrification of our communities has the greatest impact on the most vulnerable members of our population including seniors, children and people with disabilities. Unstable communities worsen social problems including crime, homelessness and physical deterioration.

TURN SUPPORTS a limit on rent increases in neighborhoods impacted by condominium conversion and other forms of gentrification. Rent increases should be linked to increases in the overall COST OF LIVING unless a landlord can show a substantial hardship. We call for an 18 month moratorium on condominium conversions pending development of an updated plan for housing in the City.