City Will Buy Foreclosed Homes
At the end of August, New York City had 11,743 foreclosed homes. Pretty soon, we’ll have 115 less of them. The City plans to buy and refurbish them with $24 million of federal funds, creating as many as 300 low- and middle-income housing units, writes the NY Post. The bulk of these rescued homes are…
At the end of August, New York City had 11,743 foreclosed homes. Pretty soon, we’ll have 115 less of them. The City plans to buy and refurbish them with $24 million of federal funds, creating as many as 300 low- and middle-income housing units, writes the NY Post. The bulk of these rescued homes are in central Brooklyn and Jamaica, Queens, and the initiative is intended both to stem the foreclosure tide and to stabilize the neighborhoods. “Aside from restoring the foreclosed homes to the tax rolls, officials said the purchases would help avert a dangerous downward spiral that threatens to undermine stable neighborhoods. ‘When a house becomes vacant in the middle of a residential block, it tends to fall into decay,’ said City Councilman Lew Fidler (D-Brooklyn). ‘It runs down an entire block, and it begins the process of running down an entire neighborhood.'”
City to Buy Foreclosed Homes to Save ‘Hoods [NY Post]
Photo by tonyc67.
“Just a couple of years ago we was saying…””
Yeah that sucked, I will admit that. Need coffee.
The What (Add “poor education”)
Someday this war is gonna end…
I did live here in the 80s (and spent lots of time here in the city in the 70s as a teenager from the burbs) and I think it’s pretty inaccurate to call it “a living hell”. Despite the crime and dirt and a lack of city services, NYC was an exciting, stimulating, and creative place to be. MANY people loved living here then, even though they had to put up with a lot of crap to do so. And don’t forget that it was WAY more affordable. (Not meant to be a “good old days” rant, just to give some perspective.)
“Those was some strange days for this city. High crime, unemployment, abandon buildings and drugs made this city a “living hell”. I believe the collapse of the Mutant Asset Bubble will bring some these conditions back.”
What if you really believe that why are you cheerleading for a return to these kind of conditions?
I guess you’d have to add “poor education” to those decades too What. “Just a couple of years ago we was saying…”
“Return of The What : If you think it is bad in NYC try going to California or vegas or just about any other place in Amercia They are ghost towns. ”
I wonder if you lived in New York during the 70’s and 80’s? Those was some strange days for this city. High crime, unemployment, abandon buildings and drugs made this city a “living hell”. I believe the collapse of the Mutant Asset Bubble will bring some these conditions back.
“This is and will always be the Best city in America ”
That’s a matter of perspective.
Check this out! Just a couple of years ago we was saying “The housing boom will not bust” and “Housing prices will keep going up and “Buy now or be priced out for ever”, remember that crap. Now we have a collapsing economic system that will cost trillions of dollars to restore, I just can’t see the benefits of this program we people cannot service their debt. I see fail written all over this..
The What
Someday this war is gonna end…
Sounds good to me.
See first sentence of your post for answer to question in second sentence of post.
Return of The What : If you think it is bad in NYC try going to California or vegas or just about any other place in Amercia They are ghost towns.
This is and will always be the Best city in America.
The City plans to buy and refurbish them with $24 million of federal funds, creating as many as 300 low- and middle-income housing units, writes the NY Post.
With what money?? State and City Governments are facing Tax shortfalls. I bet this plan will get killed next year. Just more political posturing.
“”Aside from restoring the foreclosed homes to the tax rolls, officials said the purchases would help avert a dangerous downward spiral that threatens to undermine stable neighborhoods. ‘When a house becomes vacant in the middle of a residential block, it tends to fall into decay,”
This is happening now. With the big Condo projects grinding to a halt whole neighborhoods will look like a dump for years. They will have to wait for the next boom to complete those projects.
The What
Someday this war is gonna end…