The blight inflicted on communities by vacant properties is undeniable; in fact, a new white paper suggests just one year of vacancy causes around $150,000 in damages—namely due drops in property value, increases in crime, and increases in costs to police and fire departments that service the area.
In a white paper titled “Understanding the True Costs of Abandoned Properties: How Maintenance Can Make a Difference,” Aaron Klein, a former U.S. Treasury Department Deputy Assistant Secretary for Economic Policy, studies the impact vacant and abandoned properties have on their communities, as well as what steps property owners and policymakers can take to prevent these unwanted effects.
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