It’s real, it’s happening and it’s coming to a city near you…
Some infuriating quotes from the article…
“It often has become cheaper to knock down decaying homes no one wants.”
“It feels great that we’re able to help nonprofits, help neighborhoods, help families,”
“We can make the financial case to the investor that, ‘It’s in your best interest to donate this,”
“Thanks in part to the steady stream of donations, Cuyahoga land bank officials expect to complete roughly 700 demolitions by the end of the year.”
“deal with “the discarded litter of a consumption society” — the homes nobody wants“
“It is the root canal of community development that we’re doing,”
Banks turn to demolition of foreclosed properties to ease housing-market pressures
Cleveland — The sight of excavators tearing down vacant buildings has become common in this foreclosure-ravaged city, where the housing crisis hit early and hard. But the story behind the recent wave of demolitions is novel — and cities around the country are taking notice.
A handful of the nation’s largest banks have begun giving away scores of properties that are abandoned or otherwise at risk of languishing indefinitely and further dragging down already depressed neighborhoods.
The banks have even been footing the bill for the demolitions — as much as $7,500 a pop. Four years into the housing crisis, the ongoing expense of upkeep and taxes, along with costly code violations and the price of marketing the properties, has saddled banks with a heavy burden. It often has become cheaper to knock down decaying homes no one wants.
Rest from the Washington Post here…