IDC officials release study on economic effects of 'zombie homes'

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IDC officials release study on economic effects of ‘zombie homes’

IDC officials release study on economic effects of ‘zombie homes’

Times Ledger-

Two Independent Democratic Committee members released an in-house report claiming Queens is experiencing a foreclosure crisis alongside dropping property values as some banks act as “nightmare neighbors”in some communities.

State Sens. Tony Avella (D-Bayside) and Jose Peralta (D-East Elmhurst) found that five banks oversee “dilapidated” foreclosed properties across the city which contribute to about $54 million in depreciation to surrounding homes.

The report, “Nightmare Neighbors: How Badly Maintained Homes Damage Neighborho­ods,” found Queens had the highest number of bank-owned homes with standing violations.

“The mortgage crisis wreaked havoc across my district and the rest of the state and the country, a tsunami that left an adverse effect in so many of our hard-working and immigrant communities,” Peralta said. “Foreclosed homes became eyesores in our neighborhoods when banks failed to maintain their properties, not only affecting the property values but also creating health and public safety risks. Banks have to be accountable, and this is why financial institutions should face stiffer penalties in order for us to stop the despair of our communities.”

[TIMES LEDGER]

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