Pros And Cons Of Vacant Homes

Housing crews have repaired most, if not all, of the run-down houses that have burdened the cities appeal over the years. I know of 3 houses that have in the last year been repaired to new and are now being sold.

In conclusion, homeownership in the United States have decline over the past years even being the lowest it has ever been, but has had an improving and strong market beginning in 2012 after a 27% decline from the 2006 peak, and the increasing homeownership rate is a worthwhile policy to allow the United State economy to

The purpose of gentrification is to take struggling neighborhoods and stabilize them by investing in the neighborhood. Gentrification is “the rehabilitation and settlement of decaying urban areas by middle- and high-income investors.” (The Columbia Encyclopedia). These investors raise the value of the neighborhood by improving facilities and making the neighborhood look better. This doesn’t always benefit everyone since some citizens get displaced. However, the number of people displaced is very minor in

The New York City Housing Authority (NYCHA) is the “largest public housing authority in the nation” (Developments, 2015). In existence since 1934 (About NYCHA: NYCHA at 70, 2015), NYCHA is a low to moderate income public housing initiative consisting of 328 developments throughout all five boroughs of New York City. More than 400,000 residents benefit from these developments through the receipt of not only apartments but additional services provided by each development and New York City overall. Over recent years the NYCHA developments have been experiencing a reduction in government funding, forcing the organization to re-evaluate strategies addressing maintenance of old buildings (About NYCHA, 2015).

This has caused a change in the way the homes in the area appear. Currently, many of the homes have lost their curb appeal. At one time this neighborhood had

The process through which gentrification is carried out is very intricately planned. Drugs, prostitution, and violence usually play the most important role in the process of gentrification. When neighborhoods are infested by crime of any sort, the first thing that happens is the immediate decline in property value in areas like Guilford and Park Heights (“The Mortgage Bubble Invades Baltimore”). The home owning taxpayers in Baltimore City are usually blue collar workers who are just trying to make ends meet, and because of their income restrictions many of these citizens are forced to live in areas of high crime. Generally people only live in these areas if they have to, so when a developer comes along and offers to buy citizens homes at a price that the citizens at the time considers to be extremely profitable in their neighborhood, they usually take the money and run without carefully considering that the offer that they have accepted is much less profitable than what the developers have planned (“City’s East side Renaissance Spreads”). We

Over the last couple of decades, Buffalo has found itself in a grave housing crisis. The urban population is shrinking and the population in poverty is growing, leaving houses abandoned and left to fall apart. Although many cities in the Rust Belt are facing similar problems, about 15.7% of Buffalo housing was left vacant as of 2010, which places Buffalo as ninth in the nation for vacancy rate. As the masses abandon their homes, run down neighborhoods see an increase in crime and drug use, and a rapid decrease in property value (Armstrong et al. 1-2). Many see this deterioration, however, as an opportunity to renovate impoverished neighborhoods and make them more attractive to the upper and middle class. This process, known as gentrification, should increase the overall well being of residents by making neighborhoods safer,

“Most of the homes being abandoned and foreclosed will produce losses for the mortgage lender, which could add up to trillions of dollars and break the financial system before it is half repaired” (Zuckerman, 2008). These are the major reasons why the government should be thinking of a bailout for homeowners. If the government will not take action, then these losses will go past any bailout efforts of the government and it will be too late. By preventing foreclosures, it could bring a double benefit to the US economy and society. It would let families to stay in their homes and at the same time keep the housing market from getting out of control.

The gentrification of a neighborhood can bring the neighborhood down as a whole. It changes the neighborhood in a negative way. The many families who were displaced and driven out by the gentrification process took the great qualities which make the neighborhood a whole with them. The feeling of friendliness in the community was driven out with its old residents. You used to be able to walk down the street and see five or six people you knew to have a nice conversation about sports or the weather with turning a five minute trip to the supermarket into a 30 minute trip. This doesn’t happen anymore, the neighborhoods are being filled with more

Revitalization is commonly done with community residents and organization, according to Stacey Sutton. If the community member starts to revitalize before gentrification hit their neighborhood, they can prevent price increase and their neighborhood will remain affordable. This just means that teamwork in making the community better will help its neighborhood be excluded in gentrification process and will keep the representation of the neighborhood from vanishing, for example, its cultural

In 2007-2008 the US went into a recession, a financial crisis that has since then taken five years to rebuild. During that time millions of Americans were unemployed and faced many economic struggles which negatively impacted the real estate market causing a multitude of foreclosures. The reason for this recession was because there was no authority over banks and they were not being monitored properly. Banks were able to gamble with the finances of millions of people with no consequences towards their actions. The Dodd Frank Act Wall Street Reform and Consumer Protection Act of 2010 was put into place to make sure that nothing like this ever happened again; The Dodd Frank Act implemented and set laws into place to make sure that banks and financial

Pros of this is process include: redevelopment or renovation of housing stock, revitalization of the tax base, increased homeownership rates, economic opportunities- more options for employment, De-concentration of poverty in neighborhoods, and historical preservation. When reading the cons, you almost think to yourself how can it be so bad? But, some of the cons consist of: displacement of lower income residents, lack of affordable housing, decrease in multi-family rental units, loss of diversity in neighborhood business and residents, conversion of residential units to commercial property, decrease in social services in lower-income residents, loss of culture, and creation of “ghost communities”. The cons outweigh the pros, and many local people started to see

According to Dictionary.com, “gentrification is the process of renovating houses and stores in urban neighborhoods to fit the middle or upper-income families, raising property value, but often displacing low-income families.” Gentrification has been an idea since the 1960s and had an effect on countless cities and neighborhood communities. Gentrification was first used by Ruth Glass in her book London: Aspect of Change in 1964, she noted that ¨gentrification can progress rapidly until all or most of the original working-class occupiers are displaced, and the whole social character of the district is changed.” Nonetheless, gentrification has helped revive many cities and revolutionize them, especially with technological

The current real estate crisis that America finds itself in is one of the greatest challenges America has ever faced. America’s troubles are further compounded by increasing unemployment of American citizens and environmental problems like global warming. Solving any one of these problems would be a Herculean task, yet they must each be addressed in order to protect American families from disaster. However, it is possible to find a solution to the problems of the real estate crisis that can also be used to improve the problems of the unemployment and environmental destruction. The first part of the solution involves the United States government purchasing the homes that have been foreclosed and using them to offer temporary housing to

Additionally, the destruction of homes has left thousands distraught and unsure of what the future holds since they no longer have a permanent residence or home. Alternatively, loss of home may give the individuals the incentive to start a fresh, and in so doing the government often assist by providing houses which are ostensibly built in places that are more suitable for construction and are durable that is, less likely to easily fall prey to the next hurricane.