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A lot of fragile egos in this town.

Ha.

No.

The current real estate market, especially on rentals, is basically engaged in price fixing. They all use a single algorithm based pricing service. One that's major innovation was discarding the idea of maximizing occupancy in favor of high turn over and continual rent or price increases.

We also have a tax system in the US that gives massive write offs for real estate losses due to vacancy, and allows pass through of those losses to individuals. And breaking them up over multiple years. That's how Trump ended up not paying taxes for a decade.

Then there's the consolidation of housing, particularly single family homes by investment capital and major banks. Which practically speaking means there's always a buyer.

Nationally we've been hearing housing costs would be going down for a variety of reasons since the great recession. They've just continued to sky rocket.

What tends to happen with this model of development. Is it actually reduces supply of middle income housing. As more and more space gets pushed as high priced housing, regardless of demand. Fewer and fewer units are available to most residents, driving up average rents.

The new expensive units, turn and burn, often sitting vacant. Then get flipped to a bank or sold off as investment properties.

Without a crash of some sort or a regulatory step in I don't see that changing any time soon. We've been watching it happen, over and over, in cities around the globe for over a decade now.

I'm in the burbs right now, and am looking at moving back to the city. There are still tons of apartments and townhomes for under 600 a room if you can stand roommates. They aren't gonna be in Rittenhouse square, but they aren't too far out either.

My gf lives in an older building 2 blocks from Rittenhouse, and her rent increased by about 1.5% this year. Philadelphia is still very affordable if you don't insist on new construction.

How is any of this relevant (or even current) to what sounds like at least two years of back rent?

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Yeah, I’m not sure if this is the only neighborhood where rents going down has become the new norm, but it is a good case study for why more housing inventory is good for everyone even if the new housing itself isn’t extremely affordable.

I can't wait to try this out, I've kept missing it but this year I'm definitely going to get out there. Some of the best food / fav food in Philly is from Cambodian restaurants (Sophie's Kitchen is where I usually go)

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There’s quite the irony in that last name.

Wasn't there a scene in Lucky Number Slevin where a degenerate gambler leaves his son in the car? Am I remembering this right?

New development off of the York dauphin stop is seriously going to lower rents in traditional two bedroom row homes. So many are hitting the market at once they just can't compete.

Imagine taking an elevator down 47 floors just to find out your insurance isn’t covering your medication.

> I wonder how many properties would be opened up to renters if it was banned.

Dozens.

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I worked at the streets dept for a while, and it shouldn’t be a big deal to get your approval and do it the right way. Just go down there to the MSB. There won’t be a big line or anything.

Happy Cake Day!

That’s simply not true. Regardless of the price range, more supply reduces overall prices.

I'll look through these. People often produce stats around this type of thing that I have no idea where to find on my own. Thanks!

No assumptions needed.

https://li.phila.gov/property-history/search?address=2101%20N%20COLLEGE%20AVE

This sounds like my neighbors. They have a whole entire array of cones and sticks to save their spot.

My brother has lived in his rental in Santa Cruz, CA for at least 20 years. He doesn’t know his neighbors. “I’m a garbage man and they work for Google; we don’t talk” —- you can have the palm trees, I’ll be in South Philly with my neighbors bringing me surprise pretzels because the Eagles won