The city of Baltimore in the US state of Maryland is currently experiencing a real estate crisis of a different kind. More than 200 city-owned homes are to be sold for a symbolic price of $1 each in a bid to revitalize some of the city’s toughest neighborhoods. This was recently the result of a resolution by the city council.
The reason for the measure is the vacancy rate in the city. Around 15,000 properties are empty, due to the crime rate. The approved one-dollar project targets about 200 of those city-owned apartments. The properties will be marketed to Baltimore residents who will commit to renovating and living in the homes. Commercial developers and non-profit organizations can also purchase the vacant houses – but for $3,000. According to the Bloomberg agency, the city offers individuals who receive advance approval for a construction loan subsidies of $50,000 – around 46,000 euros – for the repair of their homes.
First attempt in the 70s
In the 1970s, Baltimore undertook a similar housing project; Back then it was about abandoned properties that were being offered for sale for a dollar.
Baltimore Housing Commissioner Alice Kennedy said the current measure is part of a larger plan to deal with the city’s thousands of vacant homes and properties. Mayor Brandon Scott unveiled a $3 billion plan late last year that would use a mix of public and private funds over 15 years to rehabilitate 35,000 homes.
Baltimore recently hit the headlines because a container ship collided with the Francis Scott Key Bridge. Six people died and the damage runs into the billions.
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