I just heard a really poignant Marketplace report on the impact of vacancy on neighborhoods. With the rash of foreclosures following the sub-prime mortgage meltdown, many properties came into the sole possession of banks, including Bank of America and JPMorgan. Putting aside the damage done by the foreclosure process itself, what is perhaps more destructive is the vacancy that follows.
The biggest issue? Banks don’t take care of these properties. And it’s easy for disrepair to become blight, especially in a neighborhood plagued by systemic vacancy. Continue reading