Mayor's Press Conference November 21st 2025

The City of Philadelphia held a press conference to announce a new legislative tool aimed at addressing the urgent need for affordable housing. The initiative involves a 20-year property tax abatement specifically designed to incentivize the conversion of vacant commercial, industrial, government, and school buildings into residential units. This targeted abatement builds on the success of a previous 10-year tax abatement program and is intended to spur the development and preservation of 30,000 housing units, including affordable options for families, seniors, veterans, and the local workforce. The legislation was developed through bipartisan cooperation between city officials, state legislators, and labor unions, emphasizing job creation and long-term revenue benefits for both the city and school district. The administration is preparing to present draft legislation to the Philadelphia City Council in early 2026 to implement this program, which is part of a broader $2 billion investment in housing preservation and development.