Interesting rebuttal to Ed Schwartz's column from David Thornburgh, Exec Dir. of the Pennsylvania Economy League in today's Inquirer letters to the editor. Here are a couple of excerpts (underlines are mine):
"First, last time we checked, rising property values are a good thing for homeowners, communities and the city. They're also long overdue. After adjusting for inflation, total property values didn't grow at all in Philadelphia from 1970 to 2000. The 60,000 vacant properties and structures in Philadelphia - more than found in any other city in America - bear witness to the consequence of that decline in values."
"Rising property values give people the assets to send their kids to college, start a business, and maintain their properties. If reassessments cause some pain, it pales in comparison to the slow death brought on by declining values."
"Third, he says the hot real estate market in Center City has been fueled by special tax breaks and abatements, at the expense of properties in the neighborhoods. A report by the Central Philadelphia Development Corporation in in 1999 suggests that the overwhelming number of abatements are in neighborhoods. Only 4 percent of the city's active abatements are in the Center City area."
Link to entire letter:
http://www.philly.com/mld/inquirer/news/editorial/4159335.htm
Jim Lilly
