PHILADELPHIA, PA – Senator Joe Picozzi (SD-5) joined Mayor Cherelle Parker and fellow lawmakers to advance enabling legislation that will allow Philadelphia to implement a new 20-year tax abatement. The measure is designed to boost investment, reduce blight, and support neighborhood growth across the city.
The plan temporarily reduces taxes on the value of newly added or improved property, making it more affordable to build new housing or convert existing buildings into homes, and helping reduce the housing shortage crisis.
Senator Picozzi stressed that Philadelphia needs strong city-state cooperation to deal with blight, disinvestment, and aging infrastructure. He said this announcement shows what coordinated leadership can deliver:
“I don’t just represent Northeast Philadelphia—I represent a generation of young Philadelphians who feel like homeownership is slipping out of reach,” said Picozzi. “Because of what we did here today, that dream is now much closer.”
Picozzi noted that as Chair of the Senate Urban Affairs & Housing Committee, this is exactly the type of targeted, city-focused policy he is committed to advancing.
The abatement must be approved by City Council. Mayor Parker plans to introduce the legislation after the new year.
Media Contact: Danielle LaBrake – dlabrake@pasen.gov