Philadelphia is hoping to join the growing rank of cities that seek to bring down housing costs by piling more taxes and fees on new housing development. This week the Philadelphia City Council is expected to impose a 1 percent tax on new construction projects in the city. The tax is supposed to raise roughly $22 million a year, which will be spent on building below-market housing units and subsidizing down payments for families making as much as $105,000 a year.

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Source: reason