Why is the government of Philadelphia, not fighting back against gentrification but instead hastening it?

If this were posted where it SHOULD be, in Business & Finance, I might have answered it.

But, it wasn't.

Poor politicians and that it seems that nobody else cares until NOW!!!!

why do you abuse the comma?

Governments support gentrification because they believe it will bring rich inhabitants who pay a lot of (local) taxes, making (financial) life for the local government easier.

It doesn't always work out that way because there is no unlimited supply of rich people

All municipalities thrive on tax dollars and therefore would prefer to have property values rise so more tax money would flow in. There are just some cities where lower income people simply can't afford to live anymore.

Contrary to popular belief, some things are not controlled by simple legislation and politicking.  The process of 'gentrification' is one of them.  Gentrification would be a conspiracy theory, except it's a reality.

There are people who want to buy up old 'ugly' properties for the purpose of demolishing them and putting up newer and nicer buildings.  It's done with both residential and commercial properties, and hell yes it's done for profit.  It's capitalism at its purest, and real estate is the best capital to have.  It's also what made the USA the world's most powerful economy, so it's not going anywhere.

Governments at any level can make rules, but their powers are very limited.  If Philly had laws against this gentrification process in force today, take a look at who would really be affected.  The empty-nest couple, getting ready for retirement, had an amazing signed offer from an Indian-owned development company for their little old wartime house.  They were offered tens of thousands over the average market value, and they were going to use that money to retire in the lovely area of Scottsdale AZ.  But today they can't accept that offer, because the law now prohibits any for-profit purchase of residential property on that side of town.  That offer, according to law, is now null and void.

That couple owned that house for decades.  They bought it when they got married, worked like hell to pay off the heavy mortgage that was on it, took care of it, and now it's theirs to do with as they please.  Except for now, because the law says they can't sell it to the highest bidder they can find.  They now have to sell it to the highest non-profit bidder, which means they have to swallow a massive financial loss.

The development company from India doesn't care, they'll just buy property somewhere else and make a profit.  So who does this new law really help?

They want to be like San Francisco.