Quantcast Buffalo: A City In Crisis?
Search by tag or site Login to my blogStart my own blog















TheMoneyBlogs
Home
About
Create your own blog
Contact us
Vote for this blog!

The Boston Real Estate Blog

I am an independent real estate broker, focused on the residential real estate market in downtown Boston.

Buffalo: A City In Crisis?

Posted on 09/14/2007 23:00:45 | Link | Post Comment

I've always wanted to visit Buffalo.

Friends say I shouldn't bother.

I can see why they say that.

From a story in today's Times:

Gangs, squatters and teenagers [in Buffalo] have been burning down hundreds of houses a year, straining the meager resources of the Police and Fire Departments. Some of the properties have been turned into crack dens and places to stash guns and drugs. A few have been booby-trapped or had their floors ripped out by scavengers looking for pipes they can sell to metal dealers.

The burned-out and boarded-up buildings, which are visible on nearly every street in east Buffalo, have deterred even the most pioneering investors from moving in.

So Mayor Byron W. Brown recently unveiled a $100 million five-year plan to rip down 5,000 houses, about half of all the vacant houses in the city, which ranks second only to St. Louis in the percentage of vacant properties per capita nationwide.

Again:

... ranks second only to St. Louis in the percentage of vacant properties per capita nationwide ...

That's terrible.

What's wrong with Buffalo?

According to census figures released last month, nearly 30 percent of Buffalo’s residents live in poverty, a rate surpassed only by Detroit among the nation’s largest cities. As a result, large numbers of homes continue to be abandoned, and there is not enough money around to build new ones in their place.

That's really terrible.

Buffalo is not the only city considering such drastic measures.

Philadelphia’s efforts led to a mini-renaissance in recent years; Detroit has had more mixed results. Youngstown, Ohio, is debating whether to bulldoze entire neighborhoods and turn them into parks. (Youngstown being the basis for the Bruce Springsteen song, of course.)

(In a similar way, some people proposed that a "new" New Orleans be rebuilt as a much smaller, safer city, but of course, any calls for reconfiguring that city were shouted down in a chorus of political correctness.)

Of course, tearing buildings down is the "easy" part.

Deciding what to put in their place, is hard.

Getting the new buildings built, is harder still.

Boston has done a pretty good job of tearing down old, abandoned buildings.

It has done a fair job of replacing the empty lots that remain with new housing and community centers.

Yet, too many empty lots remain. You can see what I mean if you ever take a drive through parts of Dorchester and Roxbury.

Still, seeing what Buffalo's going through, you have to be pretty thankful that we've got it this good.

Buffalo has many historic mansions:

Meanwhile, a local developer has proposed this 23-story residential tower (with a library, community room, wine cellar, multi-media room, and doorman).

More: Vacant Houses, Scourge of a Beaten-Down Buffalo - By Ken Belson, The New York Times

More posts about: 
Stock Quote or
Examples
ATM Wallstreet - Tue Jul 08, 2008 02:28PM
Why I traded the stock ME today. I had it on my list fr [read more]
Morpheus Trading - Thu Jul 03, 2008 07:49AM
NOTE: Please click on the charts below to enlarge them if [read more]
Morpheus Trading - Sun Jul 06, 2008 11:00PM
NOTE: Please click on the charts below to enlarge them if [read more]

PREMIER SPONSORED LINKS

Most Visited Blogs | Most Popular Blogs | Most Recent Blogs | Contact Us | Terms and conditions | Privacy Policy

The columns, articles, message board posts and any other features provided on TheMoneyBlogs.com are provided for personal finance, education and investment information and are not to be construed as investment advice. Under no circumstances does the information in this content represent a recommendation to buy, sell or hold any security. The views and opinions expressed in an article or column are the author's own and not necessarily those of TheMoneyBlogs.com and there is no implied endorsement by TheMoneyBlogs.com of any advice or trading strategy. The analysts and employees or affiliates of TheMoneyBlogs.com may hold positions in the stocks or industries discussed here. Your use of this and all information contained on TheMoneyBlogs.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.

Copyright © 2008 The Connors Group, Inc.