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Philadelphia is as unequal as Colombia. Will a minimum wage boost help?

Put this in a category of limited ambition that you might call the Philadelphia Settle.

On Tuesday, Philadelphia primary voters will face a ballot question asking whether the city should set in motion a plan to increase its local minimum wage to $15 by 2025. Currently at $7.25, the floor set by the federal government, Pennsylvania is behind every single state you’d visit for a day trip, save for Virginia, which is the same.

When confronted with what raising the minimum wage could do for Philadelphia’s rotten reputation for being a poor big city, the city’s Commerce Director Harold Epps sounds exasperated.

“We don’t have to lead but we at least have to follow,” he said, sporting his native North Carolina drawl.

Plenty is working in Philadelphia’s economy.

Deborah Diamond is the executive director of Campus Philly, the well-liked economic development nonprofit founded to pay attention to the attraction and retention of college graduates. She has the good fortune to show up and share cheery statistics of what many of us take for granted: In the last 20 years, Philadelphia has become a national success story in retaining college graduates. (Reminder, Philadelphia’s college brain drain stereotype was pronounced dead in 2010.)

Between 2000 and 2017, Philadelphia city gained a remarkable 68,000 residents with college degrees. (Contrast that with the net 3,400 this city lost between 1990 and 2000, Diamond said.)

(Courtesy of the Campus Philly 2019 Annual Report)

Still — or maybe, in part, because of it — of big U.S. cities, Philadelphia has the third-highest rate of income inequality, behind only Atlanta and Miami. In recent years, Philadelphia has gotten considerably more unequal, not because a change to its stubborn rates of generational poverty but because pockets of wealth have emerged. (Nonetheless, Philadelphia is notably both poor and “not wealthy.”)

For a class of progressive policy wonks, the most straight forward approach to this ugly label is an increase to the city’s minimum wage. Introduced by City Councilwoman Cherelle Parker, the ballot question is the first step in Philadelphia’s effort to break loose of state policy and follow a national conversation (and changing labor research).

“Poverty is a waste. How can you waste 26% of your people?” asked Richard Florida, perhaps his generation’s best known urbanist.

He was referring to the tortured statistic that more than one in four of Philadelphia residents live below the federal poverty line, a mark that has remained stuck for the last five years, as reported by last month’s annual Pew Research “State of the City.”

(Image via Pew)

Florida was in conversation Thursday at Drexel with the university’s president John Fry. It was part of the year-long inaugural Philadelphia Fellowship Florida is in the midst of, culminating with a report this fall. In the audience was Bruce Katz, a noted public policy intellectual and a Drexel Lindy Institute fellow, and afterward a panel was moderated by the affable Alan Greenberger, a former commerce director under Mayor Michael Nutter as well as a Lindy fellow.

Though no one directly dove into the local policy and politics Thursday, there was no doubt a subtext.

The Pennsylvania Chamber of Business and Industry has been among the most consistent critics of the minimum wage boost effort here. Last fall, the Chamber of Commerce of Greater Philadelphia supported an attempt by Pennsylvania Republicans to squash local attempts to, among other things, grow the minimum wage. But the local Chamber has turned more muted on Tuesday’s specific ballot initiative. Notably Claire Greenwood, the sharp leader of the local Chamber’s CEO Council for Growth, did not voice opposition during the panel conversation that featured multiple calls for minimum wage growth locally.

Amid complicated national politics, Corporate America has been at times a champion of progressive issues — some have begun supporting the push to a $15 minimum wage, which has become a national rallying cry (and favored policy to critique).

In Philadelphia, the unambitious point is that Pennsylvania has fallen so far behind the rest of the region that Tuesday’s vote is no adventurous plight.

In February, New Jersey legislators finalized its five-year plan to raise the minimum wage to $15, following Massachusetts, New York state and Washington D.C. Connecticut Governor Ned Lamont seems likely to sign a bill into law that will raise that state’s minimum wage to $15 by 2023. Of nearby U.S. states, only Virginia has a minimum wage stuck at the $7.25 federal minimum, like Pennsylvania.

Already with the region’s lowest minimum wage and yet remaining a slow-growth state, speakers Thursday couldn’t quite name what economic strength is at risk for Pennsylvania residents. Though he didn’t say so directly, Florida himself seemed to note that Philadelphia’s employment mix in particular made it unlikely to be particularly challenged by a minimum wage increase.

Urbanist Richard Florida in conversation with Drexel University President John Fry, May 2019. (Photo by Technical.ly)

Of the nearly 700,000 jobs in the city, 250,000 of them are in what he defines as the “creative sector” — knowledge and office workers, highly skilled and others associated with college degrees, Florida said. About 117,000 of them are in the so-called “working class,” which includes lingering industrial and manufacturing roles, the building trades and other craft roles.

The remaining 300,000 or so are in the service sector — restaurant, bar and cafe workers, many hospitality and tourism, some in direct-care and your Lyft driver. They earn just $27,000 annually on average and are disproportionately responsible for Philadelphia’s poverty rate.

“Pay service workers more, and you’ll have a more productive cycle,” said Florida.

Research from Florida’s consulting firm, the Creative Class Group, points confidently to it.

“Philadelphia’s income inequality is closer to Colombia” in South America than many U.S. cities, said Steven Pedigo, the firm’s director of cities and research; that comparison comes from the two geographies’ similar Gini coefficients, which measure the distribution of household income among individuals.

In a city with a swelling creative class, but slow to moderate growth and a declining middle class and services sector, Pedigo says research sees no negative net effective on local employment in any statistical scale.

Epps, the commerce director, signaling himself as a clear champion, said increasing the minimum wage would reduce poverty by accelerating wages faster than housing costs.

“This is not going to have an adverse impact on the [local] economy,” he added.

At Thursday’s event, inside from a beautiful spring afternoon, there was one particularly telling exchange. Standing at a podium, Greenberger mentioned to Epps, his successor as commerce director, that his team supported the local expansion of a commercial laundry firm named Atlantic City Linen that pledged to hire citizens with criminal records.

“I’ll tell you exactly what happened,” said Epps: They were $10-an-hour jobs and it was 120 degrees in the Southwest Philadelphia facility on many summer days. Many of those hired quit after their first paycheck, said Epps, “once they found they could make more money on the corner.”

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Source: https://technical.ly/philly/2019/05/20/philadelphia-income-inequality-minimum-wage/

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The Cost of Money Tops The Counselors of Real Estate® Annual List of Top Ten Issues Affecting Real Estate

New Post has been published on https://is.gd/xvUqcf

The Cost of Money Tops The Counselors of Real Estate® Annual List of Top Ten Issues Affecting Real Estate

CHICAGO / JUNE 21, 2018 (STLRealEstate.News)  — The cost of money—Interest Rates and the Economy–leads the list of current issues on The Counselors of Real Estate’s annual list of Top Ten Issues Affecting Real Estate. As interest rates rise, the commercial and residential real estate markets are experiencing decreasing demand for commercial property, and higher home mortgage rates. Rate increases also limit value appreciation for commercial real estate and make housing less affordable. Lack of wage growth for all but the wealthiest population segment is dampening housing demand, and limiting consumer spending that the economy needs for growth. The Counselors cited a 2017 Brookings Institution study which showed real wages for most of the middle-class have only increased 3.5 percent since 1979, compared to a 24 percent rise for the top income segment.

In a break with the tradition of list announcements, The Counselors (CRE®) professional association announced its issues list for 2018-2019 by differentiating between current and long-term impacts on real property. Counselors’ clients seek advice on today’s issues which will impact property today–and today’s issues which will impact their decisions over the next ten years. This year’s change in the way the list is presented clarifies that differentiation.

While Interest Rates and the Economy tops the Current Issues list, Infrastructure –and the lack of serious effort by the U.S. to address its condition and much-needed revitalization—is at the top of the list of broader, longer-term and emerging issues affecting real estate. Roads, bridges, airports, water and sewer lines, electricity, even public transit – all necessary to sustain and expand cities and communities—are deteriorating. U.S. infrastructure was given a D+ rating in the American Society of Civil Engineers 2017 Infrastructure Report Card. As much as $4.5 trillion is estimated by that organization to improve critical infrastructure by 2025.

The Top Ten Issues Affecting Real Estate announcement was made during the keynote address of the National Association of Real Estate Editors annual conference in Las Vegas last week by Joseph G. Nahas, Jr., CRE, 2018 chair of The Counselors of Real Estate–the invitation-only professional association for leading real estate advisors. Mr. Nahas is senior vice president, investor relations, Equus Capital Partners, Philadelphia.

The list is developed annually by members of The Counselors’ External Affairs group, led by Victor Calanog, Ph.D., CRE, chief economist and senior vice president, Reis, New York, N.Y., and Hugh F. Kelly, Ph.D., CRE, special advisor, Fordham University Real Estate Institute and principal, Hugh F. Kelly Real Estate Economics, New York, N.Y. The 1,100 CRE members around the world undertake an extensive collaborative dialogue on current issues and trends to identify the final list.

Additional Current Issues on The Counselors’ Top Ten List

Politics and Political Uncertainty was second on The Counselors’ Current Issues list. Tax reform and policies enacted to change the balance of trade with other countries impacts jobs, incomes and property of all types, commercial and residential. Congressional action to relax certain bank lending and asset management regulations was also among developing trends which may improve access to capital.

Other issues on this year’s list include

The lack of Housing Affordability across nearly every income bracket with the exception of the wealthiest households. The affordability crisis is fueled by not only low wages and rising mortgage rates, but also underproduction of housing for almost two decades.

Effects of Generational Change and Demographics – for the first time in more than half a century, there are four distinct groups exerting influence on both commercial and residential real estate – such as office design, student and elder housing, amenities, and locational preference. Aging Baby Boomers, a similar number of Millennials, and the smaller groups on either side of Millennials (Generation X, now mostly middle-age and Generation Y, including students and those in their early 20s).

Retail sector volatility, including the rise of E-commerce and Logistics that support warehousing and delivery of goods.

Additional Longer-Term Issues Noted by The Counselors of Real Estate

Following closely behind Infrastructure on the 2018-2019 list of Longer-Term Issues is Disruptive Technology. Examples include advanced robotic manufacturing and warehousing; driverless cars and trucks; the extensive availability and utilization of personal and transactional data (which enhances all kinds of business decisions), “smart” building technology that enables efficiency; global connectivity; automated business processes; and information protection through cybersecurity. Nearly every aspect of real estate is undergoing dramatic change as these types of technology are adopted.

Other issues announced were

Natural Disasters and Climate Change, which result in property and environmental damage from events such as severe storms, wildfires, floods, earthquakes, volcanic activity, and rising sea levels.

Immigration which, if reduced by law, will have a negative impact on new housing starts and home purchases as well as worsen the current skilled labor shortage in the U.S.

Energy and Water, natural resources important to property and quality of life, yet threatened by not only environmental damage (man-made and climatological), but entangling state and local regulations which complicate development and lack the standardization national regulations would provide.

Mr. Nahas emphasized that the issues are interconnected and reflective of accelerating changes being experienced in all property sectors. While many challenges were identified, he pointed to opportunities as well, embedded within every aspect of The Counselors’ Top Ten Issues Affecting Real Estate.

On the Watch List are four additional issues—Construction Costs, Urbanization & Suburbanization, Tax Cuts, and Societal Leadership.

Rising construction costs make some development unfeasible, and increases prices on commercial and residential property alike.

Cities continue to attract population and provide opportunities for Millennials, seniors, and other demographic segments as well as property investors, corporations and small businesses. Suburbs are adapting with city-like development and amenities.

Tax cuts positively impact commercial properties, although the effect of this legislation is still developing. This legislation has potential for corporations large and small to create jobs. Individual tax cuts may provide a small increase in disposable income and make home repair or remodeling more attractive; on the other side of the equation is limits on mortgage interest deductibility for homeowners.

A new surge of social activism among younger Americans, celebrities and a large portion of the American public surrounding the #MeToo women’s movement, gun control and diversity has potential – if sustained — to fuel business and social reform on many levels. The real estate industry has an opportunity to take a leadership position to hire, train and promote women and minorities; build responsibly and sustainably; create affordable housing, and enhance protections for properties, tenants and residents.

Current Issues

1. Interest Rates & The Economy 2. Politics & Political Uncertainty 3. Housing Affordability 4. Generational Change/Demographics 5. E-commerce & Logistics

Longer-Term Issues

1. Infrastructure 2. Disruptive Technology 3. Natural Disasters & Climate Change 4. Immigration 5. Energy & Water

The Counselors of Real Estate is known for thought leadership, extraordinary professional reach (more than 50 real estate specialties are represented by its member experts) and objective identification of the issues and trends most likely to impact real estate now and in the future. The issues in the annual Top Ten Issues Affecting Real Estate list are an unbiased assessment of the most critical factors impacting real property.

About The Counselors of Real Estate® The Counselors of Real Estate® is an international consortium of recognized problem solvers who provide reliable, state of the art advice on real property. Membership is extended by invitation and includes principals of real estate, financial, legal, and accounting firms as well as developers, economists, futurists, and leaders of Wall Street and academia. Counselors of Real Estate endowed the MIT Real Estate Center, brought parking garages to China, developed a master plan for the Philadelphia Public Schools and valued Yale University and The Grand Canyon. Award of the CRE® Credential attests to the exceptional real property experience and decision making skills of the recipient. Only 1,100 people in the world hold the CRE credential.

For more information, contact Alice Muncaster, Director of Communications: The Counselors of Real Estate, 430 N. Michigan Avenue, Chicago, IL 60611; Main: 312/329.8427; Direct: 312/329.8430; Cell: 773/966.9223. Email: amuncaster(at)cre.org. website: http://www.cre.org

_____

SOURCE: Counselors of Real Estate

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To thrive in skilled trades jobs in 2025, technicians need to be dynamic in terms of accepting technological interventions.

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The Cost of Money Tops The Counselors of Real Estate® Annual List of Top Ten Issues Affecting Real Estate

New Post has been published on https://is.gd/xvUqcf

The Cost of Money Tops The Counselors of Real Estate® Annual List of Top Ten Issues Affecting Real Estate

CHICAGO / JUNE 21, 2018 (STLRealEstate.News)  — The cost of money—Interest Rates and the Economy–leads the list of current issues on The Counselors of Real Estate’s annual list of Top Ten Issues Affecting Real Estate. As interest rates rise, the commercial and residential real estate markets are experiencing decreasing demand for commercial property, and higher home mortgage rates. Rate increases also limit value appreciation for commercial real estate and make housing less affordable. Lack of wage growth for all but the wealthiest population segment is dampening housing demand, and limiting consumer spending that the economy needs for growth. The Counselors cited a 2017 Brookings Institution study which showed real wages for most of the middle-class have only increased 3.5 percent since 1979, compared to a 24 percent rise for the top income segment.

In a break with the tradition of list announcements, The Counselors (CRE®) professional association announced its issues list for 2018-2019 by differentiating between current and long-term impacts on real property. Counselors’ clients seek advice on today’s issues which will impact property today–and today’s issues which will impact their decisions over the next ten years. This year’s change in the way the list is presented clarifies that differentiation.

While Interest Rates and the Economy tops the Current Issues list, Infrastructure –and the lack of serious effort by the U.S. to address its condition and much-needed revitalization—is at the top of the list of broader, longer-term and emerging issues affecting real estate. Roads, bridges, airports, water and sewer lines, electricity, even public transit – all necessary to sustain and expand cities and communities—are deteriorating. U.S. infrastructure was given a D+ rating in the American Society of Civil Engineers 2017 Infrastructure Report Card. As much as $4.5 trillion is estimated by that organization to improve critical infrastructure by 2025.

The Top Ten Issues Affecting Real Estate announcement was made during the keynote address of the National Association of Real Estate Editors annual conference in Las Vegas last week by Joseph G. Nahas, Jr., CRE, 2018 chair of The Counselors of Real Estate–the invitation-only professional association for leading real estate advisors. Mr. Nahas is senior vice president, investor relations, Equus Capital Partners, Philadelphia.

The list is developed annually by members of The Counselors’ External Affairs group, led by Victor Calanog, Ph.D., CRE, chief economist and senior vice president, Reis, New York, N.Y., and Hugh F. Kelly, Ph.D., CRE, special advisor, Fordham University Real Estate Institute and principal, Hugh F. Kelly Real Estate Economics, New York, N.Y. The 1,100 CRE members around the world undertake an extensive collaborative dialogue on current issues and trends to identify the final list.

Additional Current Issues on The Counselors’ Top Ten List

Politics and Political Uncertainty was second on The Counselors’ Current Issues list. Tax reform and policies enacted to change the balance of trade with other countries impacts jobs, incomes and property of all types, commercial and residential. Congressional action to relax certain bank lending and asset management regulations was also among developing trends which may improve access to capital.

Other issues on this year’s list include

The lack of Housing Affordability across nearly every income bracket with the exception of the wealthiest households. The affordability crisis is fueled by not only low wages and rising mortgage rates, but also underproduction of housing for almost two decades.

Effects of Generational Change and Demographics – for the first time in more than half a century, there are four distinct groups exerting influence on both commercial and residential real estate – such as office design, student and elder housing, amenities, and locational preference. Aging Baby Boomers, a similar number of Millennials, and the smaller groups on either side of Millennials (Generation X, now mostly middle-age and Generation Y, including students and those in their early 20s).

Retail sector volatility, including the rise of E-commerce and Logistics that support warehousing and delivery of goods.

Additional Longer-Term Issues Noted by The Counselors of Real Estate

Following closely behind Infrastructure on the 2018-2019 list of Longer-Term Issues is Disruptive Technology. Examples include advanced robotic manufacturing and warehousing; driverless cars and trucks; the extensive availability and utilization of personal and transactional data (which enhances all kinds of business decisions), “smart” building technology that enables efficiency; global connectivity; automated business processes; and information protection through cybersecurity. Nearly every aspect of real estate is undergoing dramatic change as these types of technology are adopted.

Other issues announced were

Natural Disasters and Climate Change, which result in property and environmental damage from events such as severe storms, wildfires, floods, earthquakes, volcanic activity, and rising sea levels.

Immigration which, if reduced by law, will have a negative impact on new housing starts and home purchases as well as worsen the current skilled labor shortage in the U.S.

Energy and Water, natural resources important to property and quality of life, yet threatened by not only environmental damage (man-made and climatological), but entangling state and local regulations which complicate development and lack the standardization national regulations would provide.

Mr. Nahas emphasized that the issues are interconnected and reflective of accelerating changes being experienced in all property sectors. While many challenges were identified, he pointed to opportunities as well, embedded within every aspect of The Counselors’ Top Ten Issues Affecting Real Estate.

On the Watch List are four additional issues—Construction Costs, Urbanization & Suburbanization, Tax Cuts, and Societal Leadership.

Rising construction costs make some development unfeasible, and increases prices on commercial and residential property alike.

Cities continue to attract population and provide opportunities for Millennials, seniors, and other demographic segments as well as property investors, corporations and small businesses. Suburbs are adapting with city-like development and amenities.

Tax cuts positively impact commercial properties, although the effect of this legislation is still developing. This legislation has potential for corporations large and small to create jobs. Individual tax cuts may provide a small increase in disposable income and make home repair or remodeling more attractive; on the other side of the equation is limits on mortgage interest deductibility for homeowners.

A new surge of social activism among younger Americans, celebrities and a large portion of the American public surrounding the #MeToo women’s movement, gun control and diversity has potential – if sustained — to fuel business and social reform on many levels. The real estate industry has an opportunity to take a leadership position to hire, train and promote women and minorities; build responsibly and sustainably; create affordable housing, and enhance protections for properties, tenants and residents.

Current Issues

1. Interest Rates & The Economy 2. Politics & Political Uncertainty 3. Housing Affordability 4. Generational Change/Demographics 5. E-commerce & Logistics

Longer-Term Issues

1. Infrastructure 2. Disruptive Technology 3. Natural Disasters & Climate Change 4. Immigration 5. Energy & Water

The Counselors of Real Estate is known for thought leadership, extraordinary professional reach (more than 50 real estate specialties are represented by its member experts) and objective identification of the issues and trends most likely to impact real estate now and in the future. The issues in the annual Top Ten Issues Affecting Real Estate list are an unbiased assessment of the most critical factors impacting real property.

About The Counselors of Real Estate® The Counselors of Real Estate® is an international consortium of recognized problem solvers who provide reliable, state of the art advice on real property. Membership is extended by invitation and includes principals of real estate, financial, legal, and accounting firms as well as developers, economists, futurists, and leaders of Wall Street and academia. Counselors of Real Estate endowed the MIT Real Estate Center, brought parking garages to China, developed a master plan for the Philadelphia Public Schools and valued Yale University and The Grand Canyon. Award of the CRE® Credential attests to the exceptional real property experience and decision making skills of the recipient. Only 1,100 people in the world hold the CRE credential.

For more information, contact Alice Muncaster, Director of Communications: The Counselors of Real Estate, 430 N. Michigan Avenue, Chicago, IL 60611; Main: 312/329.8427; Direct: 312/329.8430; Cell: 773/966.9223. Email: amuncaster(at)cre.org. website: http://www.cre.org

_____

SOURCE: Counselors of Real Estate