Quote:
Originally Posted by Londonee
I'm not trying to be insensitive and you're clearly impassioned about this issue and you're making very reasonable points. As a millennial, again, I sympathize.
A few other points:
I wasn't suggesting buying a gut-job - tear down rehab. I agree that's a huge burden. But how about just a house with a dated kitchen, formica counter tops, linoleum in a bathroom, wallpaper along one hallway? Great bones, totally live-able - small projects here and there that will add a ton of value. That'll knock 100k off the price in a good 'hood and help off-set the tax burden. That's what most people do. Millennials (not saying you) often want what they want when they want it. They want the roofdeck view and the stainless steel, and they want it now, dammit.
I just find it unreasonable to believe that the only thing that would suit your family life is a brand new, abated, house/condo. It's what you wanted - which is fine. I think this will just shift buying patterns - less roof deck views, more sweat equity in good, existing stock.
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Appreciate your response. Truthfully, I’m not against paying more in taxes nor 100% against reform of the abatements. But i feel like there’s a good bit of mischaracterization about who is living in the houses (very skewed talking points in most cases) and the pocket book benefits that’s often missing from the discussion which is why I spoke up. Just trying to share insight into how they work and why they help people.
When I first started looking to buy it was a reaction to rental property shortage driving up rent. My rent jumped from $850/month to $1500 after they did renovations. I realized that was in line with standard in philly and realized I could have a 3 bedroom / 1600 sq ft house for roughly $1350/month for 10 years. That’d save me money from rent and allow my parents to visit more and more longer stays.
First, I looked at older properties that needed renovation. The stock of bigger homes was limited. And even buying in places like Kensington could set me back $250k to $350k, it’s even more now. So that would mean I’d have to pay around $500 a month in taxes and take a loan out to do renovations. Compare that to buying a $300k new home, having no taxes, no renovation loan, and lower house maintenance costs and it was obvious the newer home was a better move. That’s before considering many old homes don’t have central air or energy efficient appliances which save me money each month, good for environment, and also help maintain comfort for parents.
When I first moved in, it was about space and money. Since then though, I’ve found that the amenities like the rooftop deck invaluable. It provides such a pleasant place to relax, get away when too many people are in the house, entertain some, and most importantly grow some produce again to save money and be environmentally friendly. Honestly, I’d really miss not having that space in the future.
So my house isn’t originally what I wanted, but it’s drastically improved my quality of life and made living in the city much better than the previous 10 years of renting. Honestly, I wish they’d do the opposite of restricting the abatements and instead expand them To encourage more affordable options and also encourage more house renovations. It’d be economically good for the city but most importantly make it more livable for residents of all income levels. Modernizing the city and people’s quality of life is great for the city and society.
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