So called 'non profits' are a moral plague. Tax free Ka Ching. Check out one of their spreadsheets and see what the management 'earn' a year. Grotesque.
Sounds like a great idea. This has been done in many cities for decades. It is no different than when depressed areas in many cities offered up homes that were foreclosed on and abandoned and the city would give you a property tax reprieve for years. Ultimately the cities wants to help blighted areas, more people, more businesses, which means more tax revenue.
I have purchased dirt cheap homes in Detroit with my brother, and my cousin snatched up 5 homes in New Orleans after Katrina. We made a killing. All this is really no difference from tax liens, or tax breaks given to corporations that relocate to cities and receive huge tax breaks and the city gets hundreds of new jobs, which means more tax revenue from residents.
Also this is a way for whyt people to gentrify any areas they want at the lowest price. Gentrification is the American way.
All you folks who talk s*** about Baltimore, here is your chance to fix it and make plenty of money in the process. Don't get mad when I buy up the neighborhood and start the transformation.
The best part of the article is that non profits are concerned developers will improve the city and push poor residents out. What’s wrong with that? Do these people not realize if they get rid of the low income criminals, the city can blossom. They should sell the whole city to developers who will demolish every building and put in luxury apartments and luxury malls. When all the criminals are forced to leave then Baltimore’s crime rate will plummet. Where will they go? I don’t know. A homeless shelter or prison if they choose to be lazy and not get a better job.
Someone clearly has never been to Baltimore. You seem to think every resident of the city of Baltimore is a low income criminal. SMH. You said sell the "whole" city and demolish "every" building and put in luxury apartments and luxury malls?
More than 13,000 homes in Baltimore are vacant. The city owns close to 1,000 of them. Individual buyers and community land trusts are eligible to buy the city-owned vacant houses for $1. Small nonprofits can purchase the homes for $1,000. Developers and larger nonprofits would need to pay $3,000.
The hope is that area residents will buy the vacant homes or lots, fix them up and live in them. Mosby argued that without specific written protections, city residents won't be given priority in buying the properties, and they will be pushed out when neighborhoods improve.
Sounds like a great idea. This has been done in many cities for decades. It is no different than when depressed areas in many cities offered up homes that were foreclosed on and abandoned and the city would give you a property tax reprieve for years. Ultimately the cities wants to help blighted areas, more people, more businesses, which means more tax revenue.
I have purchased dirt cheap homes in Detroit with my brother, and my cousin snatched up 5 homes in New Orleans after Katrina. We made a killing. All this is really no difference from tax liens, or tax breaks given to corporations that relocate to cities and receive huge tax breaks and the city gets hundreds of new jobs, which means more tax revenue from residents.
Also this is a way for whyt people to gentrify any areas they want at the lowest price. Gentrification is the American way.
All you folks who talk s*** about Baltimore, here is your chance to fix it and make plenty of money in the process. Don't get mad when I buy up the neighborhood and start the transformation.
The properties for sale are spread out, so developing a new neighborhood is not possible. The value of being able to build a single home for rent, that’s surrounded by vacant homes and in a high crime area, is worth far less than $1.
Really tired of people saying there's no affordable housing in big cities. Here you can get a house for $1.
You will be robbed and killed the first week. Ask the LRC brothers. People who have not been to Baltimore don't know what the hell is like there.
As a person who is moving to outside of Baltimore soon for work (Owings Mills/Reisterstown area), and having been to the area a few times to look at places, I can tell you that this poster is 100% spot on with this.
There are some nice parts to the city. Inner Harbor area (No real housing to speak of), area around the baseball/football stadium is nice and Fells Point. Outside of that, it's really more "pocket neighborhoods" of nice housing completely surrounded by crap. Some parts of Baltimore City are the worst housing I've ever seen..and I've driven thru the hoods of Chicago, LA and Southeast DC. I'm talking you could sell 1,000 of those places for $1 with the condition they be fully renovated and it wouldn't begin to make a difference in how bad these areas are.
The other thing they don't tell you is Baltimore City property taxes are RIDICULOUS. We looked at one property literally on the city line border, in a beautiful neighborhood (the areas outside the neighborhood were not great at all) that was an absolute steal. I think it was a complete remodel, historic property, priced at like $400k (I may be off here) Property taxes yearly I believe were in the neighborhood of $13k. Yes, $13k. All I could think of was "for what?" Sh*t roads. Sh*t school system. Sh*t areas all around you. You're paying $13k a year to live in a city so you can subsidize all the handouts to the people who don't contribute anything. Completely broken system.
There are some tax credits available so maybe you wouldn't pay that much for a few years, but that's still absurd.
And the revenue raised from all vacants is probably less than the repair cost of the bridge.
I lived in that hellhole for 4 years and was glad to leave. I was in a safe-ish area but we'd get near-weekly emails about a student being robbed; the description of the perpetrator was never given.
In the 1990s, HUD would auction off homes for $1 in bad neighborhoods. You had to agree to renovate the home and live in it for at least two years in order to get the deal (you also got loan assistance to do the renovations). When I was in college, a couple of my friends bought a HUD home and renovated it. I rented out the bottom floor. Next door neighbor was an ex-green beret who was living off of military benefits after getting shot up in Vietnam. He would drink all day and then practice throwing knives at a target. It was a very blue collar neighborhood. Very little development, but crime wasn't that bad. The neighborhood held together until the 2008 market crash. Since then, the house was abandoned by a subsequent owner who was renting it for passive income. It got demolished after vagrants started a fire in it.
I am all for doing everything that can be done to turn around inner city neighborhoods that are all but abandoned and crime ridden. But these buy a house for a dollar deals have never worked in the long term. You just get a relatively small number of people interested who venture into the neighborhood. They fix a few places up but then bail when they lose money on tenants and it all starts over again.
The government should be putting billions of dollars into these neighborhoods to turn them around. There areas have room for tens of thousands of new homes and multi-family units that could provide affordable housing and help bring prices down in other parts. Government investments of tens of billions could result in trillions in savings across the residential real estate sector in cities like Baltimore, Saint Louis, Cleveland, etc.