Vacant Properties – Growing Number Increases Communities’ Costs And Challenges.pdf

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Preview of Vacant Properties – Growing Number Increases Communities’ Costs and Challenges
🔗 Source: gao.gov
📊 Size: 3.3 MB
👤 Author: U.S. Government Accountability Office, http://www.gao.gov
⬇️ Downloads: 64

Summary

Vacant properties have increased 51% nationally from 7 million in 2000 to 10 million in 2010, with 10 states seeing increases of 70% or more, due to high foreclosure rates, population declines, and high unemployment. These properties attract crime, cause blight, and pose a threat to public safety, resulting in significant costs for local governments to mitigate unsafe conditions. Local governments reported spending millions of dollars on vacant properties, with Detroit spending $20 million to demolish 4,000 properties. Unattended vacant properties also produce public safety costs and lower tax revenues due to declining property values. Cities and states are implementing strategies to address vacant properties, including land banks and ordinances requiring servicers to maintain properties, but face challenges such as funding and enforcement.

Description

Vacant properties have increased 51% nationally from 7 million in 2000 to 10 million in 2010, with 10 states seeing increases of 70% or more, due to high...

Technical Information

  • File Format: PDF
  • File Size: 3.3 MB
  • Pages: 102
  • Language: EN
  • Author: U.S. Government Accountability Office, http://www.gao.gov
  • Total Downloads: 64
  • Last Updated: 3 months ago

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