Mayor unveils $2B ‘largest single investment in housing in Philadelphia history’

Philadelphia Mayor Cherelle Parker has long promised to provide 30,000 new and preserved housing across the city.

And, on Monday, March 24, 2025, Parker shared how she plans to afford to keep that promise — with an investment of $2 billion into the Housing Opportunities Made Easy, or H.O.M.E., Initiative that she launched last month.

“I want to put the pedal to the metal on the road to 30,000 new and preserved homes for both renters and homebuyers,” said Parker. “The reason I got so excited in our meeting when talking about this is because, after the team did the homework, we realized that this is the largest single investment in housing in Philadelphia history.”

Through the plan, Parker said, she’s proposing the production of 13,500 new homes and the preservation of 16,500 existing homes.

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In providing an outline on the initiative with City Council on Monday, Parker said that the plan would be funded with $1 billion in public funds, including the $800 million in bonds, that she announced during her presentation of a budget proposal to City Council on March 13, 2025, and other state and federal funding.

The other $1 billion, Parker said, would be generated in the value of the city’s land and assets that will contribute to housing production.

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And, Parker said, the city plans to move quickly with this initiative, using $400 million in bonds next year.

“I want shovels in the ground. I want houses built, preserved and restored,” Parker said.

Parker said that one of the largest problems she heard about when talking to Philadelphia residents is a need for more housing.

The city, she said, has an aging housing stock with many homes that need critical repairs. Also, she said the city has 40,000 vacant lots with as much as three quarters of that land privately owned.

And, she said, the city has zoning and land use policies that “can slow investments in and development of multi-family housing.”

But, with the H.O.M.E. Initiative, Parker said, she’s hoping to create a housing supply in the city that could meet the demands for housing for city residents at all income levels.

However, the plan will need to be vetted and approved by City Council, the mayor noted.

“All of this is possible if we work together on an issue that touches most everyday Philadelphians — access to housing,” said the mayor.

Moving forward, Parker said, her administration would map out how to put the initiative into action and “roll out key initiatives.”

Her team, Parker said, is currently working on legislation in support of this initiative that could head to City Council for their review “in the coming weeks.”

Shortly after Parker delivered her speech, Philadelphia City Councilmember Jamie Gauthier (D-3rd dist.), chair of the Committee on Housing, Neighborhood Development, and the Homeless, shared a statement on the housing initiative.

In the statement, Gauthier applauded the mayor’s push for housing, noting that, unless changes are made, “at our current pace, it will take over 200 years to build enough affordable housing,” to meet need in the city.

“I appreciate Mayor Parker for taking our housing crisis head-on. I look forward to working with her to make sure every Philadelphian has access to safe, stable, and affordable housing,” Gauthier said in a statement.