Mayor Parker announces $2 billion housing investment plan for Philadelphia

The Special Stated Meeting of the Philadelphia City Council on March 24, 2024, focused on a groundbreaking housing initiative aimed at addressing the city's pressing housing needs. Mayor Parker outlined a comprehensive five-year plan that includes a historic investment of $2 billion in housing, marking the largest single investment in Philadelphia's history.

During the meeting, Mayor Parker emphasized the urgency of the housing crisis, stating that the plan is a collaborative effort involving public, labor, philanthropic, and private sectors. The mayor announced that the city will issue $800 million in bonds as part of this initiative, with nearly $1 billion in additional public funding expected from local, state, and federal sources. Furthermore, the city plans to leverage its land and assets, contributing another billion dollars towards housing production.

The mayor expressed excitement about the potential impact of this investment, which aims to create and preserve 30,000 homes for both renters and buyers. He highlighted the importance of swift action, stating, "I want shovels in the ground," and outlined plans to begin with $400 million in bonds in fiscal year 2026.

In addition to the new funding, the mayor reassured council members that existing programs, such as the Neighborhood Preservation Initiative, will continue and expand under this new plan. He committed to transparency and accountability, promising to provide data and evaluations to demonstrate the effectiveness of the investments.

The meeting underscored the city's commitment to tackling housing challenges head-on, with a clear roadmap for collaboration and investment aimed at improving access to quality housing for all Philadelphians.