Four takeaways from our story on potential mayoral candidate Allan Domb, the ‘condo king’
For many, having a mayor who has had a successful career is a good thing. But one downside is that Domb's investments in the city could force him to recuse himself more often if he becomes mayor.
Former City Councilmember Allan Domb, a real estate magnate known as the “condo king,” is considering running in next year’s mayoral election.
Domb, who made his name as a broker and went on to buy and rent out hundreds of properties across the city, is one of the most notable real estate professionals in Philadelphia.
The Inquirer examined Domb’s personal financial disclosures, city property data, and court records to get a better understanding of what he owns and what it would mean to have a mayor with so many investments in the city.
» READ MORE: ‘Condo King’ Allan Domb owns more than 400 properties in Philly. What happens if he becomes mayor?
Here are five takeaways from The Inquirer’s deep dive into Domb’s portfolio:
Domb owns more than 400 properties in the city
Domb has ownership stakes in at least 434 different properties, either through direct purchases or via a network of more than 40 different limited liability companies. Domb and his companies had active rental licenses for 272 properties as of June.
City assessments, which tend to trail market prices, place the combined value of these properties well in excess of $400 million.
Although most of Domb’s properties were built or renovated decades ago, eight benefit from the city’s 10-year tax abatement, amounting to a $187,573 tax savings.
Domb declined to disclose his net worth when asked by The Inquirer.
City workers frequently interact with Domb’s properties
From code inspectors to property assessors to the Board of Revision of Taxes to tax collectors, city employees have interacted with Domb’s properties hundreds of times since he first ran for Council in 2015.
With a specialty in high-value real estate, Domb is no slumlord, but his properties have nonetheless been cited for violations by the Department of Licenses & Inspections, if only due to the sheer magnitude of his holdings. As of August, the department listed 22 open violations across five Domb-connected properties for issues ranging from fire code violations to a hazardous high-rise facade.
Almost all inspection violations or court cases between Domb’s companies and the city settle amicably with him paying what he owes or the city withdrawing the case.
Avoiding conflicts of interest would be difficult if Domb becomes mayor
One way wealthy individuals who become elected officials avoid conflicts of interest is to place their assets in a blind trust administered by a third party.
But ethics experts said that arrangement will be of little use should Domb become mayor because he will still know which properties are his — and city workers will, too.
Instead, said Mark L. Davies, an attorney and public integrity expert who helped write New York state’s ethics laws for local government, someone in Domb’s position should be sure to recuse themselves from potential conflicts “on both sides,” meaning he would not manage the business or take actions as mayor that directly affect his properties.
“A lot of times in this ethics stuff, you just do the best you can,” Davies said. “If he agrees to recuse on both sides, then it’s up to the voters if they’re comfortable with that.”
Domb’s real estate portfolio might limit his powers as mayor
For many, having a mayor who has had a successful business career like Domb is a good thing. But one downside is, due to the scale of his investments in the city, Domb may have to recuse himself from more issues if he becomes mayor than other candidates might.
The Board of Ethics has told Domb he would likely violate the city’s conflict-of-interest rules if he took official action on parking tax proposals because, as of 2020, he had ownership stakes in six parking facilities.
Additionally, if Council passed zoning legislation that was targeted to an area where Domb owns a significant amount of the real estate, such as Rittenhouse Square, he would likely be prohibited from acting on the proposal if he became mayor. That would limit the administration’s options because only mayors can sign or veto legislation, meaning any such bill would likely become law without his signature.
Having a mayor who is limited due to conflicts of interest can rob voters of having the person they elected make decisions, said Bruce A. Green, a Fordham University School of Law professor who sat on New York City’s Conflicts of Interest Board.
“These people elect a mayor. You’d like a mayor to be involved in things they have to be involved in,” Green said. “You’re denying the public the judgment of the person they elected.”
Staff writer Ryan Briggs contributed to this report.