Authorizing the Committee on Global Opportunities and the Creative/Innovative Economy to create a Cost of Living Task Force and to hold hearings on the cost of living in Philadelphia in order to study conditions and advance recommendations that ensure Philadelphia is a City where all residents can afford to live and thrive.

Authorizing the Committee on Global Opportunities and the Creative/Innovative Economy to create a Cost of Living Task Force and to hold hearings on the cost of living in Philadelphia in order to study conditions and advance recommendations that ensure Philadelphia is a City where all residents can afford to live and thrive. WHEREAS, Philadelphia has long prided itself on being a City of working people, a place where families can live, grow, and contribute to their communities; and WHEREAS, Over the past 20 years, the cost of basic necessities: including housing, transportation, childcare, senior care, healthcare, groceries, utilities, and taxes has steadily outpaced wages, placing immense pressure on Philadelphia households, particularly those with low or fixed incomes; and WHEREAS, Adjusted for inflation, Philadelphia wages have stayed constant or even decreased over the past 20 years; and WHEREAS, Over the same period, the median rent in Philadelphia has increased by more than 60%, while home prices have doubled in many neighborhoods, pushing longtime residents out of their communities; and WHEREAS, Simultaneously, the cost of groceries has risen by over 40%, utility rates have surged due to global energy instability, and car insurance rates remain among the highest in the nation; and WHEREAS, Due to reassessments, property taxes and other municipal fees have continued to climb, and the elimination of the $100,000 exemption from the Business Income and Receipts Tax (BIRT) t…