PublicSource | News for a better Pittsburgh (https://www.publicsource.org/tag/economic-development/)
Urban design expert Alan Mallach believes owner Prasad Margabandhu was trying to “milk” the failed property by attempting to eke out rent revenue while spending as little as possible on repairs or taxes.
Property owner Prasad Margabandhu’s practices serve as a prime example of the challenges municipalities and tenants face when trying to hold landlords accountable for failed properties and dangerous conditions.
The Urban Redevelopment Authority board voted Thursday to disburse $1 million in loans from the Housing Opportunity Fund for two rehabilitation projects. The action comes a year after Pittsburgh City Council voted to allocate $10 million for the fund and one day after council began reversing a plan to steeply cut city funding for the authority.
The following graphic represents the 17,241 affordable housing units Pittsburgh needs to provide for all households earning 50 percent of the city's median household income or less. For the full story on Pittsburgh's affordable housing shortage, read our explainer: What you need to know about affordable housing (or lack thereof) in Pittsburgh
Source: Pittsburgh Housing Needs Assessment, Mullin & Lonergan Associates
The Penn Plaza development has been a symbol of a trend, where units well within the price range of low-income Pittsburgh residents are being squeezed out of the market and replaced by new, swanky places aimed at high-earners.
