The debilitating effects of vacant and abandoned properties are evident in neighborhoods and communities throughout Ohio and the nation, and the recent foreclosure epidemic has made the issue of vacant properties a top news story and catapulted it to the top of public policy agendas. However, this is a long-standing problem in older and central city housing markets, where the issues of predatory and subprime lending and vacant and abandoned housing have existed for many years.
This research documents the magnitude and cost of the vacant and abandoned properties problem in eight Ohio cities: Cleveland, Columbus, Dayton, Ironton, Lima, Springfield, Toledo, Zanesville. The research found:
– 25,000 vacant and abandoned properties
– Widespread vacancies in both large and small cities
– $15 million in annual city service costs
– $49 million in cumulative lost property tax revenues to local governments and school districts
– Weakened neighborhood housing markets with evidence of property flipping
– Limited capacity of cities, on their own, to track and address vacant and abandoned properties