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.