A new report by the nonprofit Preservation Alliance for Greater Philadelphia highlights the economic benefits of a historic designation and its positive impact on housing affordability, writes Meir Rinde for Billy Penn at WHYY.
Since 2016, when an outcry over the demolition of historically significant buildings prompted then-Philadelphia Mayor Jim Kenney to strengthen the city’s underfunded Historical Commission and launch new historic district designations, the percentage of properties with historic designation doubled, rising from 2.2 percent to 4.4 percent. This is slightly above the average rate of designation in large cities nationwide.
About 4.8 percent of Philadelphia is either part of a district or made up of properties individually listed on the city’s Register of Historic Places. This not only protects them from demolition but also sets guidelines that must be followed when making certain modifications.
The report found that the preservation of historic buildings, which utilizes federal and state historic tax credits, generates wages and direct spending. For every $100 invested in rehabilitation, it stimulates $45.54 in additional economic activity.
Additionally, houses built before 1950 typically feature smaller units and lower rents, making them “an important source of naturally occurring affordable housing,” according to the report.
Read more about the report’s findings regarding the economic benefits of historic designation in Billy Penn at WHYY.
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