They foreclosed it, they own it. Why should YOU pay for it?
Banks are profiting while leaving foreclosed homes a mess. Each foreclosed home costs local governments between $5,000 and $34,000 in maintenance, inspection, fees, and public safety calls. The city and county also lose property tax revenue as values plummet.
We don't need foreclosures draining away precious funds when local governments are already struggling to provide basic public services.
Besides the devastation for families who lose their homes, foreclosures harm the values of all homes in a neighborhood. They deter potential home buyers and blight the community, often attracting criminal activity, causing fire hazards and other dangers. These neighborhoods are full of struggling families, doing their best to get back on their feet.
The San Diego Property Value Protection Ordinance aims to reduce the negative impacts of foreclosures on surrounding neighborhoods and the city budget. The ordinance would require banks to register every foreclosure issue and pay a small fee to maintain the registry. If complaints are received, the bank would have to clean up the property or pay $1000 a day.
Maintaining their foreclosed properties is the responsible thing banks ought to do. They foreclosed it, they own it. Why should WE pay for it?
Take action on the foreclosure crisis in San Diego and send a message to City Council now.
My taxes should go to city services like libraries, parks and streets – NOT to pay for services and upkeep of foreclosed properties owned by profitable banks.
Please don’t delay in passing an ordinance that would require:
• Creation of a local registry of all properties in foreclosure or default.
• A daily $1,000 fine if a property is not in compliance after a reasonable fix-up time. Examples of failure to comply include not securing the property, graffiti, trash or debris in the interior or exterior.
Over 70 cities in California and over 900 cities across the nation now have this type of ordinance and are fining banks that fail to maintain their foreclosed properties. The City of Chula Vista has recovered $3 million since enacting its ordinance.
Revenue from these fines could go to our local government to help recover the dramatic costs of these foreclosures.
Please act now to protect property values in our neighborhoods and stop the drain of city resources from foreclosure blight. Thank you.