New Vacant Property Study Documents the Exhorbitant Costs
November 18, 2010 – (RealEstateRama) — An new study on vacant land in Philadelphia documents the huge costs to the city of vacant and blighted properties. Though the study looks specifically at Philadelphia, it serves to highlight the negative economic impact blight imposes on any municipality.
Commissioned jointly by PACDC and the City of Philadelphia’s Redevelopment Authority, the report quantifies the costs of the City’s current Vacant Land Management System and demonstrates the urgent need for and benefits of system reform.
Key findings of the report include:
- $3.6 billion in lost household wealth due to blighting effect of vacant properties;
- Over $20 million in City maintenance costs each year;
- At least $2 million in uncollected property taxes each year;
- System reform would bring vacant property back into productive use, generating over $180 in economic impact each year, and expanding the City’s tax base.
The full report, Vacant Land Management in Philadelphia: The Costs of the Current System and the Benefits of Reform, can be downloaded from www.pacdc.org.