“It has a devastating impact on the district; it destabilizes the community because it uproots families and these banks don’t’ take care of the properties so it leads to blight. It brings overall morale in the neighborhood down. If you think about it, you have families who have been around for generations who are losing their homes.”
Each foreclosure costs the city of San Francisco an average of $19,229 in increased safety inspections, police and fire calls, trash removal and maintenance, according to a new report from two nonprofits.
All told, the city has probably spent a total of $73.4 million on the homes that have gone under water and been foreclosed by banks, according to the report by Alliance of Californians for Community Empowerment and the California Reinvestment Coalition.
On top of that, they said, the city has lost$42 million in tax revenue as San Francisco homes have lost roughly $7 billion in their value since the real estate bubble burst.
Full report below…
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