A case in point is the question on the Stimulus Rehabs. It was, "How is this supposed to stabilize these neighborhoods?"
Ed talked on and on about the poor condition of these homes, but never explained the concept as it applies to the neighborhoods.
So, we dump a bunch of money into these homes and sell them as though they were just like the surrounding home prices. One lucky family gets a bargain.
So what? The neighbors are not going to be motivated by this subsidized home with laminate floors, new walls and new toilets. They will never see all the money dumped inside.
After a few years the paint on the outside will peel and the place will look just like the rest.
I repeat the question, How is this supposed to stabilize these neighborhoods?
Hello! Anyone there?
ReplyDeleteJust checking to see if the candidates can post rebuttals.
The comment box works just fine. Even posting without identifying yourself.
~Doug
Good question.
ReplyDeleteAs a 10 year resident in the Elgin Historic District, I can attest to the fact that the deconversion and rennovation of distressed properties DO improve the neighborhood, inspire homeowners to improve their own homes, and bring in new residents to Elgin! Habitat for Humanity bought a home in the 400 block of Division St. from the city for $1, completely rehabbed the house, and brought a lovely family to our neighborhood. It was a great contribution to us, and certainly has improved our "hood"!
ReplyDeleteHabitat does much better than the city in the rehab business. The city paid too much for the homes and put too much into them.
ReplyDeleteTheir excuse was that they were bound by federal specifications.
Some things are better left alone.
~Doug