Pittsburgh Mayoral Transition
Corey O’Connor Takes Office
Corey O’Connor, newly elected Mayor of Pittsburgh, was officially sworn in on January 5, following his victory over incumbent Mayor Ed Gainey.
As the transition moves forward, Mayor O’Connor has begun shaping his administration’s leadership team, drawing on seasoned public-sector professionals with deep experience in Pittsburgh government. While many roles are still being finalized, early appointments signal continuity in economic and community development priorities. While these appointments signal a reliance on experienced leadership, many aspects of the administration’s structure and decision-making processes remain unclear.
Early Leadership Appointments
Dan Gilman — Chief of Staff: Gilman returns to City Hall as Chief of Staff, after previously having served in the position under former Mayor Bill Peduto. A longtime Pittsburgh public official and former City Council member, Gilman brings extensive municipal governance experience and has served alongside Mayor O’Connor on Council. His appointment signals an emphasis on institutional knowledge and administrative continuity.
Economic & Community Development Team
While transition communications have been relatively high-level, several key leadership picks are expected to anchor Pittsburgh’s development agenda:
Steve Ray — Director of Economic Development: Leading citywide economic initiatives, including business growth and workforce strategies.
Yarone Zober — Director of Redevelopment: Former Deputy Mayor under Bob O’Connor, Chief of Staff to former Mayor Luke Ravenstahl, and chair of the Urban Redevelopment Authority (URA) Board, bringing decades of redevelopment and financing experience.
Ricky Burgess — Director of Community Impact: Former City Council member with experience on the Pittsburgh Housing Authority Board and the Pittsburgh Land Bank, offering deep ties to housing and neighborhood policy.
Talia O’Brien — Policy Analyst: Formerly part of the URA’s government and stakeholder engagement strategy team, with experience navigating interagency coordination and public engagement.
Collectively, this team reflects a blend of institutional knowledge and development expertise positioned to influence housing, redevelopment, and community investment priorities in the new administration. However, transition updates to date have offered limited detail on how responsibilities will be divided across departments, how community input will be incorporated into development decisions, and how these roles will interact with existing boards and authorities. As the administration takes shape, stakeholders are watching closely for greater clarity on priorities, accountability and how these positions will translate into day-to-day policy and project outcomes for Pittsburgh neighborhoods.
For additional staff announcements and expanded transition news, visit the mayor’s official news page.
State Policy — Housing Legislation Developments
New Bipartisan Housing Legislation Expected
In the Pennsylvania General Assembly, Rep. John Inglis is preparing to introduce a series of co-sponsor memos outlining forthcoming bipartisan legislation aimed at expanding housing supply and modernizing land-use policy statewide. Anticipated proposals include:
Legalizing accessory dwelling units (ADUs)
Allowing duplexes, triplexes, and fourplexes in more communities
Modernizing outdated occupancy standards
Establishing a statewide housing needs assessment
Supporting transit-oriented development across the state
Taken together, these proposals represent a comprehensive approach to increasing housing choice, improving affordability, and aligning local zoning with changing household needs. PCRG is proud to support these measures through the PA Housing Choices Coalition, reflecting a shared commitment to pragmatic, data-driven housing solutions.
Housing supply and affordability challenges require nuanced, multi-pronged strategies. By modernizing zoning, encouraging diverse housing types, and planning for future growth, these reforms aim to unlock community potential statewide. These efforts also align with goals outlined in the forthcoming Pennsylvania Housing Action Plan.
PCRG will continue to track these proposals as they formally advance in 2026, working closely with advocates and legislators to support passage and meaningful implementation.
Interest Rate & Mortgage Market Outlook
Federal Reserve Policy Update
As of late 2025, the Federal Reserve’s target range for the federal funds rate stands at 3.50%–3.75%, following a series of rate adjustments throughout the year.
Minutes from the December 2025 Federal Open Market Committee (FOMC) meeting reveal ongoing debate among policymakers about balancing inflation control with labor market stability. Inflation remains above the Fed’s 2% target, and recent dissents underscore a cautious approach to future rate changes.
Perspective from Cleveland Fed President Beth Hammack
Cleveland Federal Reserve President Beth Hammack — who will become voting member of the FOMC in 2026 — has emphasized a more restrained policy outlook:
Caution on further rate cuts: Hammack has urged patience until there is clearer evidence that inflation is sustainably easing.
Focus on inflation risks: She has stated that monetary policy should remain “somewhat restrictive” to avoid persistent price pressures.
Near-term stability likely: Hammack and other officials have suggested rates may remain unchanged for several months, even as markets speculate about future easing.
Mortgage Rates & Housing Finance Implications
Mortgage rates typically move in response to expectations about federal monetary policy, as well as broader bond market conditions. With the Fed signaling a likely pause, borrowing costs have remained elevated — continuing to strain affordability for prospective homebuyers and developers. Absent significant economic shifts, meaningful declines in mortgage rates may be limited through early 2026.
Looking Ahead
Economists anticipate a continued period of monetary policy caution, with future rates hinging on inflation trends, labor market data, and overall financial conditions. While some forecasts point to modest rate reductions later in 2026, the timing and magnitude of any changes remain uncertain.