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sagittariisXII t1_jeezh4t wrote

Hopefully the units are affordable!

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ColdJay64 OP t1_jeezovq wrote

In a new high-rise in one of the most desirable/expensive parts of the city? Why would they be?

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UndercoverPhilly t1_jeg1s8x wrote

Because before the pandemic there were more affordable (I don't mean "projects" or low income) options in the area, apartments from $1000-1500. These have all but disappeared because rent increases have accelerated exponentially even in "old" buildings.

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NotUnstoned t1_jegdvih wrote

The price of everything has gone up since the pandemic. Not just housing. My last 4 rentals in the last 6 years were all within the range you specify, including the house I currently live in. If you don’t expect a new construction with a ton of amenities, you can find it.

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UndercoverPhilly t1_jegga90 wrote

I guess it's just gentrification... what can you do but move?

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NotUnstoned t1_jeggzgj wrote

Has gentrification caused the price of groceries and all other products to go up as well? Housing has been hit much harder, but It’s just inflation.

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UndercoverPhilly t1_jeghrzc wrote

Please. If you are going to argue that there is no gentrification in Philadelphia, then let's just stop here. It's not just inflation when it comes to real estate. I've been here since 2006 and it doesn't even look like the same city--that's a good thing but on the other hand one can't claim all that was inflation.

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erdtirdmans t1_jeglrdi wrote

People love saying "gentrification" like it's the boogeyman and leaving it at that 😪

Gentrify me, baby. I want that sweet sweet tax base and demand for more density and development so we can someday get back to having public transit where people aren't raped and sitting next to crackheads

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UndercoverPhilly t1_jegm1gw wrote

The people who are going to pay $3000 a month to live in these apartments, or those buying one for 3 million plus on the square aren't ever going to take the MFL. If they don't have their own car, they will uber if they have to go somewhere they can't walk to. The city couldn't care less what those that have to take the MFL have to contend with otherwise it wouldn't be like that now. They pocket our tax money so it's just going to be more that doesn't go into city improvements and expenses.

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erdtirdmans t1_jegmggm wrote

It's almost like i mentioned a tax base and you just went with whatever you decided you read

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UndercoverPhilly t1_jegn4pe wrote

No, I've lived here for 15 years and the city government is corrupt. Everyone knows this. If it weren't then yes, increasing what the city collects would help. But the money won't go where it should to help.

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erdtirdmans t1_jego17x wrote

Aight that's fair enough but then we're just black pilled with no way to pull out of the tailspin without somehow divesting from municipal government, which almost never happens. I still have hope that if we get people into the city that care about government working and demand something from it, we can turn it around

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Gorge_Clooney t1_jef084n wrote

They will most certainly be expensive… but hopefully this means that other older apartment buildings will lower their prices

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wubbalubbazubzub t1_jef0u5v wrote

Don't worry, the older apartment buildings will continue to raise rent!

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Gorge_Clooney t1_jef3n4a wrote

Yeah, probably. New buildings though will hopefully mitigate the rate of increase though

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februaryanna t1_jefbac7 wrote

Real talk. I live in East Kensington, where there are apartment buildings going up on every block. My rent has not been raised on me. Now that there are so many empty units, some rents are actually going down. I’m renting my next place for $200 less than the current tenants are paying.

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Aveman1 t1_jefdad7 wrote

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.

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februaryanna t1_jefe5n9 wrote

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.

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trick_825 t1_jefewat wrote

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.

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markskull t1_jef7tsv wrote

HAHAHA HAHAHA HAHAHA HAHAHA HAHAHA!!!!

Oh man! Woo!

No.

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