Vacant properties are devastating for the City of Chicago – depressing the housing market, costing millions and serving as a breeding ground for gang activity. Based on research thus far it appears:
- Costing Communities Millions: Current research indicates 3,750 foreclosed homes across Chicago cost $159,000 each in devaluation over a single year, totaling $598 million in depreciated property values.
- Becoming Liabilities: Even banks are loosing quickly. In the first 3 months of 2012 more than 150 financial institutions paid over $619,000 in fines for failing follow the city’s vacant building properties and revitalize ordinance.
- Baring the Burden: These properties not only weaken the tax base but drive up government costs as municipalities bare the burden of securing and maintaining them.
- Disparate Devastation:Neighborhoods where vacant properties are most abundant are communities of color, particular predominately African American Neighborhoods.
- Current research indicates that Englewood, West Garfield Park, Chatham, Bronzeville and West Englewood: account for roughly1/4 of all the City’s vacant properties and appear to have an average of 5 new vacant properties reported daily.
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