Category: Affordable Housing

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What Is the True Value of a Vacant or Abandoned Building?

Bronzeville Abandoned Building
The building above may look nondescript, but is actually in a highly favorable location across the street from Shops and Lofts on 47 in the Bronzeville area of Chicago’s Near South Side. Photo Credit: Audrey F. Henderson, all rights reserved.

Any real estate agent or Realtor can tell you that the three most important factors in determining the potential value of a particular parcel of real estate are, in order: location, location, location. Location can trump other aspects of a structure, including whether it is occupied and its state of (dis)repair. In fact, location plays a large role in determining whether a decrepit building is worthy of the financial investment necessary to reclaim it for productive use, assuming of course that it is structurally sound.

Continue reading “What Is the True Value of a Vacant or Abandoned Building?”

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Will Underwater Mortgages Sink the Economy?

Avoid Foreclosure
Short sales and strategic default allow desperate homeowners to escape the financial burden of underwater mortgages . Photo credit: Audrey F. Henderson, all rights reserved.

The Housing Market and the Economy

Before the housing market crisis threatened the collapse of the American economy, housing prices formed the foundation of an apparent economic boom. Unfortunately, much of that boom was built on a bubble of speculation, in the housing market and elsewhere. When the bubble burst, the economy slid into a deep recession not seen since the days of the Great Depression in the 1930s.

The economy has technically been in recovery since 2009, and many large corporations, along with Wall Street, have enjoyed record profits and all time highs. However, many sectors, especially employment and housing, have lagged far behind. One of the major factors dragging the pace of the recovery is the high number of underwater mortgages. Unless and until America solves its housing problem once and for all, it’s difficult to imagine an economy that truly feels like a recovery for everyday Americans. Continue reading “Will Underwater Mortgages Sink the Economy?”

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Sustainability and Affordable Housing: Maybe Occupy Is Onto Something

The Evolution of the Occupy Movement

Whatever else its participants may or may not have accomplished, the Occupy movement has changed the national conversation from austerity cuts and deficits to acknowledging injustice and resolving financial and social inequality. What began as a loosely organized string of gatherings has evolved to address issues ranging from Wall Street reform to cuts in mental health care.

NATO Summit Protesters
The Occupy movement and related activist groups have changed the national conversation from cuts and deficits to social and economic inequality. Photo credit — Audrey F. Henderson, all rights reserved.

Another injustice that Occupy has been speaking out against has been the ongoing housing and foreclosure crisis. In conjunction with this cause, and as an adjustment to forcible removal from public spaces by law enforcement, the movement has evolved to Occupying abandoned properties and homes of families facing foreclosure as an act of civil disobedience. For instance, in Chicago, a coalition between the Chicago Anti-Eviction Campaign and Occupy Our Homes recently set a goal of renovating 100 abandoned homes for homeless families and households here in the city.

Outlining the Proposal

As I observed this phenomenon, I started thinking about how ironic and ridiculous it is that there are properties standing empty while families and individuals are homeless.  I began to consider what would be involved in Occupying vacant and abandoned buildings – legally – as affordable housing for homeless families and individuals or for households caught up in the housing crisis. I submitted a proposal for a presentation for the 2012 Chicago Green Festival with the working title “Sustainability and Affordable Housing: Maybe Occupy Is Onto Something.” Continue reading “Sustainability and Affordable Housing: Maybe Occupy Is Onto Something”