[bywoods]

I know this is a controversial topic and my opinion won't win any friends on this forum, but I think Goode has a point here. Yes philly has high construction costs and relatively low rents, and the tax abatement program has definitely helped spur development. Yes, city government is corrupt and should do a better job collecting taxes from slumlords. On the other hand Dranoff has implied he will try to sell his new condos for a similar price as Ten Rittenhouse, which is $1000/sqft. A tax abatement is generally good policy, but having it cover virtually all the real estate taxes for a full ten years for incredibly expensive property that can only be afforded by the richest people in Philly, I think it is just too much. I'm sure most of the owners here will continue to pay taxes to Lower Merion on their other home on the Main Line.

Anyone who can afford to live here can easily afford to also pay some real estate taxes to help their community pay its bills and keep the schools open