Non-profit organizations throughout Philadelphia have worked for decades to create homeownership, affordable rentals, and economic opportunities for low-income residents. This has enabled thousands to climb out of poverty and increase individual wealth, while the wealth and attractiveness of the community also increases. As the community prospers, more affluent residents move in and the area becomes “gentrified.” Property taxes and rents increase, thereby leading to potential displacement for long-time residents. This potential displacement has only been exacerbated by the Covid-19 crisis with its impacts on the economy and housing stability. Class, racial, and ethnic differences between long-time and newer residents generate distrust and lead to increased tensions. How can these tensions be addressed? How has gentrification exacerbated racial inequities in property ownership, and what can be done to address those inequities? The need for quality, affordable housing, and a pathway to homeownership and wealth building is evident. How can we respond? We are all too familiar with the lack of affordability in San Francisco, Boston, Washington DC, New York and Chicago and yet we continue to keep making the same mistakes….
ABC News Correspondent
& Host of
What Would You Do?
City of Philadelphia
Business Development Manager
Federal Home Loan Bank of Pittsburgh
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