Staff Editorial: Penn mortgage program effective

The University has reintroduced the Penn Enhanced Mortgage Program after a two-month-long transitional moratorium. The program's expanded boundaries are a testament to the University's confidence in its effectiveness. We believe this program will have positive long-term effects on the University community and the area around campus.

The program offers financial benefits to University and University Health System employees if they choose to buy a home within the designated area. This not only encourages ownership over renting but, ideally, would create an enhanced University community comprised of people who live and work in the same area and therefore have a greater vested interest in it.

University students who rent property simply do not have the same incentive to improve their living conditions or even to perform basic maintenance and upkeep. It is a rare student who displays a desire to improve his or her rented property knowing that he or she will be moving on in a few years.

While this does not mean that all student renters are slobs, it is a reason that some choose to live in slipshod conditions. Extreme examples of this can affect the entire community: For instance, a garbage-strewn lot can devalue an entire neighborhood.

Increasing the number of homeowners in the area can counteract these effects. In contrast to students, homeowners have every incentive to improve their property, as that increases its value. Also having a greater number of homeowners in the area is likely to improve stability and offer a greater sense of community.

However, there are valid concerns that this program, if it meets with continuing success, could have a negative impact upon West Philadelphia residents not associated with the University. If the program were to significantly increase area property values, it is possible that local property owners would be willing to dispel renters in order to sell the property.

The University must therefore proceed with caution on this issue and keep this program from adversely affecting West Philadelphia residents who are not affiliated with Penn. As many of these residents have a strained relationship with Penn as it is, adding fuel to their fire could make a tense situation volatile.

However, the program will be beneficial for Penn employees. As Penn is the largest private employer in Philadelphia, this means a lot of people will find commuting to work and buying a home easier, and for that, we commend the program.

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