Mayor Cherelle Parker recently unveiled a new $2 billion plan to transform Philadelphia’s housing landscape in the immediate and long-term future, writes Mike D’Onofrio for AXIOS Philadelphia.
“This is the largest single investment in housing in Philadelphia history,” Parker said during a recent budget meeting.
For years, Philadelphia has had a severe lack of affordable housing, a challenge exacerbated by the increase of home prices and interest rates since the pandemic.
Parker’s new plan includes launching housing plans, in addition to expanding existing ones. She also plans to offer tax breaks as a way to spur new developments, and to convert city-owned properties into residential units.
Through the mayor’s Housing Opportunities Made Easy initiative, the City is looking to build 13,500 homes and preserve 16,500 existing buildings.
According to Parker, this initiative will be funded through by borrowing $800 million in bonds, and $200 million from state, local, and federal funding. In addition, $1 billion from the city’s current land and property assets would complete the $2 billion initiative.
While there is no timeline as to when this would start getting implemented, Parker is seeking City Council approval and hopes things can start moving forward quickly.
Read more about Philly’s affordable housing crisis and how the mayor hopes to address it at AXIOS Philadelphia.
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Editor’s Note: This post was originally published on PHILADELPHIA Today in March 2025.
