August 15 Roundup

Economy League staff shares compelling reads on compelling subjects.

Mustafa Rashed, Advocacy is essential for black-owned businesses, Philadelphia Inquirer, August 3 2018.  Advocacy is definitely an important part of a plan to deal with the yawning wealth gap between white and Black Americans. The Economy League is working on strategies like the Anchor Procurement Initiative to localize and diversify institutional supply chains, in partnership with organizations like the African American Chamber and the Greater Philadelphia Hispanic Chamber. 

Julie Zeglen, GreenLight Fund is bringing a new model of financial empowerment to Philadelphia, Generocity, July 27 2018.  In the "great ideas we should steal" category, kudos to GreenLight for bringing this innovative Boston program to Philadelphia. As home ownership rates decline across the country, including Philadelphia, it is critical that we find new, responsible ways to get people who desire to become homeowners the opportunity to achieve the American dream, and incentivizing residents of public housing to save toward homeownership makes a great deal of sense.  In addition to our City's jobs and income problem, we also have a wealth problem.  Residents in disinvested neighborhoods have missed out on decades of wealth-building that those in gentrified and gentrifying neighborhoods have enjoyed. The phenomenon of 'degentrification' is part and parcel of our Tale of Two Cities. 

Susan Urahn, Why Our Public Pensions Need Stress Tests, Governing, July 31 2018.  While there is something of a plan in place to address the Philadelphia pension fund's substantial unfunded liabilities - the overwhelming majority of which are in legacy plans that are basically closed - Pew's very sensible suggestion for state funds also applies to municipal funds like ours.

Inga Saffron, Philly Council spent a year on an affordable housing plan. What if Mayor Kenney vetoes it? Philadelphia Inquirer, Aug 8 2018.  While preserving the mixed income character of Philadelphia neighborhoods should be a top policy priority, we do not believe the construction impact tax was "the best solution that the largest number of people would accept," except maybe in the most narrow terms.  The tax also violates many principles of good fiscal policy, as Economy League Managing Director Nick Frontino argued as this bill was in front of council last Spring.  As Saffron correctly notes, Philadelphia has much more of a jobs and income problem than it does a housing affordability problem.  That doesn't mean we shouldn't attempt to tackle both at the same time; but it does make sense to have a comprehensive affordable housing plan in place before we do.