Three main reasons;1) Existing oversupply of multi-family2) No signs of demand increase (net migration into Philly)3) Local government continuing to squeeze property ownersI really hope I'm wrong.

Some of the CoC are so low (and some of the projected appreciation is also low) that I ask myself, why wouldn't I just invest in government bonds instead.

Maybe the government shut down is causing the slow down.  

Yes, the government pays the Section 8 rent timely, but more and more tenants are having to pay a portion of their rent.

Especially since they're just twiddling their thumbs at home during this government shutdown (cue Lindsey Graham screaming his pretty little head off).Follow-On Effect: RussiaOne aspect of this deal that many folks may be sleeping on: the US is requesting China's assistance in negotiating a peace deal between Russia and Ukraine.

That’s true of all monopolies both government or corporate, and often even when 2 or 3 different entities have “divided” market share.  

California is known for high operating costs.A business-friendly government, which makes it easier to run and grow a company, California is less pro-business than many other states.Your income reliability depends on the tenants who live in your property.

With the government shutdown delaying key economic reports like CPI and Nonfarm Payrolls, policymakers are operating with limited visibility.

The idea of giving the government over 100k inn capital gains makes me sick.

Still growing in the job sector and overall development.