Distressed properties concentrated in predominantly Black suburbs linger unsold for years, University of Chicago report shows – Chicago Tribune*

Markham Mayor Roger Agpawa, the president of the Southland Regional Mayoral Black Caucus, said the organization is writing to Cook County Board President Toni Preckwinkle to demand a meeting with county officials on delinquent properties and how they sold.
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Streeterville
2 years ago

Crap property has crap value. Who wants to buy an dilapidated abandoned residential property in Markham? What possible motive would such buyer have? What possible benefit would buyer receive?

Admin
2 years ago
Reply to  Streeterville

But think of all the benefits. Lease terms would be dictated by the Cook County ordinance. Eviction would be banned if the tenant didn’t pay. And rents might be set by the government if rent control proponents have their way.

Streeterville
2 years ago
Reply to  Mark Glennon

At lot of these properties aren’t habitable anymore without significant renovation and repair, and are literally worth less than equivalent vacant lot at same location.

Ambiguous End
2 years ago
Reply to  Streeterville

This is where Section 8 comes into play.

debtsor
2 years ago
Reply to  Streeterville

The motive would be profit. Black or hispanic gentrifiers would move into these areas and improve them, often displacing the dangerous residents who get pushed out. Cheap property is NOT a bad thing. But a property with a $15-40k tax lien, before the rehab even starts, there’s absolutely no room for profit. I’d love to see young black or brown families purchase $100k moderately rehabbed starter homes in these areas and revitalize the communities, but it’s never going to happen in a neighborhood full of properties with substantial county real estate tax liens. This man made problem could solve itself… Read more »

Last edited 2 years ago by debtsor
Joe Strzalka
2 years ago
Reply to  debtsor

do you have the data that supports who is leaving and who is incoming or do you just like to make things up?

debtsor
2 years ago
Reply to  Joe Strzalka

https://www.chicagoreporter.com/chicago-is-the-fastest-shrinking-major-metro-area/ Chicago is the fastest shrinking major metro area Here are the key takeaways: Chicago is shrinking faster than any other major metro. New York and Los Angeles saw declines in 2018, but at lower rates than Chicago, which is now in its fourth straight year of population loss. Black residents continue to move out. This isn’t happening in other major metros. And unlike other racial and ethnic groups, a majority of black residents exiting the Chicago area didn’t have a job when they left. Immigration is tapering off. Mexican-born residents represent the largest share of immigrants in the region… Read more »

Last edited 2 years ago by debtsor
debtsor
2 years ago
Reply to  Joe Strzalka

https://www.theroot.com/chicagos-shrinking-black-community-1790865474 Chicago’s Shrinking Black Community Roderick J. Harrison, a Howard University researcher, said he was not surprised earlier this year when the U.S. Census Bureau reported a dramatic decline in Chicago’s black population. The recession and perception of better economic opportunities in Southern states such as Georgia and Texas — and even Western states like California, Nevada and Arizona — have prompted a number of black Chicagoans to pack up their belongings and create new paths in a pattern being called reverse migration. It’s similar to the historic journey created by their ancestors decades ago in the Great Migration of… Read more »

debtsor
2 years ago

Again, a surface level discussion that all back taxes need to be paid before someone can take ownership, and the back taxes exceed the current value. This is a man made problem. it might even fix itself if we had an environment where population was growing and people were moving to teh state. but with people fleeing the state, and more blighted properties showing up every day, this is what we get. But the legistlature is too busy fighting the culture wars, changing all words to gender neutral to be ‘inclusive’ instead of focusing on real problems. The democrats in… Read more »

Last edited 2 years ago by debtsor
The Paraclete
2 years ago

Distressed properties? Is that the same as neglected properties? Home ownership comes with some responsibilities. If you don’t maintain the property there exists a chance it could become a distressed property. Owning a home comes with sacrifice. Money you want to blow on booze,weed and threads needs to go to home maintenance. Inconvenient isn’t it!

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