Two days into 2014 we wondered if plans to relieve Philadelphia of abandoned properties would yield significant changes. Now, only a month later, it appears we’re getting an answer: Efforts to alleviate blight plaguing the city are already showing results.
Newsworks reports that according to Liz Hersh, executive director of the Housing Alliance of Pennsylvania, home sale prices have increased by about 31%, thus relieving nearby properties from suffering the consequences of living near deteriorating buildings.
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Buildings in Mantua, the West Philadelphia neighborhood with close to 15% in vacant properties.
Photo credit: Ian Freimuth via Flickr
At long last the much anticipated and nationally acknowledged Land Bank has become official. Yesterday, Mayor Nutter signed the bill that permits the formation of a division in charge of taking over Philadelphia’s tax-delinquent and vacant properties, and selling them to buyers.
Councilwoman Maria Quiñones-Sanchez estimates that the bank, which will be a branch of the Philadelphia Housing Development Corp., will require somewhere between $3 million and $5 million to get going. With more than 11,000 properties throughout the city, is that really surprising?
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