News

Thousands of Philly renters could be displaced without deal to preserve affordable units

Published Friday, July 25, 2025

Real estate developer James Levin is selling his vast portfolio of affordable Philadelphia rental properties, a decision that could have a ripple effect on the entire city. At least 3,000 people live in Levin’s buildings. Many, if not all, could be forced to move if the units were to become market rate under new ownership. City Councilmember Jamie Gauthier, whose district is home to the majority of the properties, is meeting with stakeholders to try to put forth a competitive bid for Levin’s properties. All of these properties were developed using federal Low-Income Housing Tax Credits, meaning they must remain affordable for a set period of time. Federal law generally requires them to be rent-restricted, and only available to low-income tenants, for at least 30 years. The affordability restrictions on Levin’s homes will begin to expire in 2026, and continue in batches through 2037.
Source: PlanPhilly; 7/22/2025