Wednesday, November 17, 2010

Philadelphia's 40,000 Abandoned Houses

The Philadelphia Inquirer reports on the plague of vacant and abandoned houses that has overwhelemed the city:

A persistent abandoned-property problem has reduced the value of Philadelphia homes by an average of $8,000, according to a new study. The report from Econsult Corp. puts Philadelphia's blight troubles into stark economic terms, estimating that the more than 40,000 vacant or abandoned properties rack up $20 million in annual maintenance costs, rob the city of $2 million in annual tax revenues and reduce property values.

Steve Clowney

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Interesting. I wonder how many are the result of foreclosure evictions? Abandoned properties are a real externalized cost of the crisis. In New York City and Philadelphia in the 1970s and 1980s, alot of abandoned property ended up occupied through the work of organized 'squatters' movements, like is happening in parts of suburban Florida now. I wonder if we'll see a repeat of that now in urban areas.

Posted by: Mark A. Edwards | Nov 17, 2010 11:23:44 AM

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