Too Many Vacant Lots, Not Enough Housing: The U.S. Real-Estate Puzzle
With the nation in the throes of a housing crisis, tens of thousands of lots are sitting empty in some of America’s largest cities. “Vacancy becomes a disease, and it’s contagious,” said Bridget Gainer, a Cook County Commissioner and chair of the Cook County Land Bank Authority. The opposite is true: When developers start infill housing projects on these vacant lots, it piques more interest in the area. Cities are trying to remove disincentives that let properties languish—such as ultra-low tax rates—and develop policies such as acquiring tax liens. This would help spur sales to developers and nonprofits and result in restored neighborhoods.
