Wednesday, July 2, 2008
Okay, here’s your challenge, local government: You’ve got an explosion in home foreclosures, which pushes thousands out of their homes, pulls down neighborhood values even further, encourages crime, and shrinks government tax coffers. And for years, you’ve fretted about the problem of “affordable housing” for modest-income families, because of high prices and high demand. Is there a potential solution worth trying?
In Fairfax County, Va., which is very large (population: 1.1 million), very affluent, and increasingly diverse, the county government is beginning a plan to buy up some houses at foreclosure. These purchases would take advantage of fire sale prices (sometimes, close to literally), keep the houses occupied and away from vandals (if government handles its purchases well), and helps the county make more housing units more affordable. Is it a win-win idea? Perhaps. How many houses will the county buy? The program will spend about $10 million, which will enable it buy … 10 houses outright, and help up 200 other buyers through government loans. These numbers compare to the total of more than 1,700 homes that went into foreclosure in Fairfax during the past 12 months. These staggering numbers show how difficult it is, or would be, for local government to “bail out” homeowners by itself ...
[Comments must be approved and thus take some time to appear online.]
This blog is an Amazon affiliate. Help support Land Use Prof Blog by making purchases through Amazon links on this site at no cost to you.
- Jamie Baker Roskie on Uber Goes to the State House Seeking Preemption of Local Government Control
- Stephen R. Miller on Why are building inspectors so often on the take?
- Josh Hightree on What makes people leave rural areas, and what makes them stay
- Jessica Shoemaker on What makes people leave rural areas, and what makes them stay
- Jamie Baker Roskie on Why are building inspectors so often on the take?
- New Land Use Articles on SSRN
- What to make of the fierce new debate over the efficacy of California's energy codes?
- The W&L Top 100 Law Review Rankings and the Land Use Law Scholar
- CFP: 2015 Future of Places Conference (lead-in to Habitat III) in Stockholm: Deadline of April 15
- Water Down Under: A Report from Australia by Barbara Cosens: Post 7: Conjunctive Management Down Under