Baltimore has one of the highest rates of vacant properties in America, costing the city upwards of $100 million a year. One city councilor shares her plan to fix it.
"But we know that more people do want to move here," Ramos said."So having the inventory is going to be critical."
The city currently owns about 1,000 of them, less than 8% of the total. But a plan from Ramos and Councilman James Torrence seeks to drastically increase that number by creating Maryland's first land bank.is approved, the quasi-governmental Land Bank Authority would acquire abandoned properties through in rem foreclosure, when the liens on a property exceed its assessed value.
Developers demolished or fixed up around 1,300 vacant properties in 2022, according to Ramos, but around 1,100 more became vacant in the same period."If we do this right and we have money on the street and the houses are being rehabbed and more people are moving in, it's eventually going to pay for itself," Ramos said."So it's very exciting.""We want the work to get done and then it will go away," Ramos said.
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