Brian, I agree. The bloated property values in UC are going to come back and haunt us when the Fed raises the prime rate. When the dollar doesn't pick up the necessary value by the end of this fiscal year, etc. Now Upenn has lowered the endowment to $7,500.00 instead of $15,000.00. They're angling to lower the really fast price increase of UC properties caused by their "free money." After I bought my house last summer, the price automatically rose approximately - that's right, you guessed it - $15,000.00. That's a fast increase and the appraisers don't care if that money is actually getting put into the property the way that it's supposed to.
Even the University of Pennsylvania has to admit that they are helping create an inflated housing market in the area. They lowered the endowment to start changing the trend and also added more potential real estate to the "community" by expanding the borders to 52nd Street and Haverford Ave. This also gives companies like Campus Apartments, New Age Reality, O'Donnell Real Estate, etc. to slam their rents to the ceiling because their property is now considered so much more valuable by an appraiser. They make the students feel small and powerless by giving them the ultimatum of either finding cheaper housing in Center City, which isn't going to happen, or move further West toward 49th, 52nd, etc. I feel sorry for the student renters, Penn's plan to give its employees the opportunity of close housing has reciprically made rental housing more expensive and harder to find. enn needs to gain better control of the housing situation or it may affect the decision of students and their parents to choose UC as an acceptable community to come to for their sheepskin. Let's not forget the brutal stabbing last weekend of a Upenn student in his house or the child molestation that occurred earlier in February. The University likes to keep its problems hush-hush and self-contained, but this is just adding to a pile of problems that is starting to stack up. If I were a freshman thinking about Upenn, I might have to do a second take on whether or not I'd want to live here. Okay I'm getting off of the soapbox now, Mario Giorno Communications Research Technician Annenberg Public Policy Center University of Pennsylvania 3620 Walnut Street Philadelphia, PA 19104 -----Original Message----- From: Brian Siano [mailto:[EMAIL PROTECTED] Sent: Wednesday, March 31, 2004 11:56 AM Cc: UC Subject: Re: [UC] Presence of students drives up West Phila. real estate values John Ellingsworth wrote: >http://www.dailypennsylvanian.com/vnews/display.v/ART/406a8b1508f12 > > It's kind of an odd headline, because the facts are otherwise. it's not the students who drive up rents, but the increased home ownership that's made rental units slightly scarcer. After all, there have been renters in West Philly for decades, so the recent surge of rents can't be attributed to their presence. But this does illustrate a point Tony West has made every so often: the rental market is a major part of our local economy, and it should be taken into account when deciding upon policy. ---- You are receiving this because you are subscribed to the list named "UnivCity." To unsubscribe or for archive information, see <http://www.purple.com/list.html>. ---- You are receiving this because you are subscribed to the list named "UnivCity." To unsubscribe or for archive information, see <http://www.purple.com/list.html>.