In an innovative move to rejuvenate its struggling neighborhoods, Baltimore has launched a remarkable program: offering boarded-up homes for just one dollar each, as reported by Bloomberg. Mayor Brandon Scott is at the forefront of this initiative, designed to address the city’s deep-seated issues with crime and urban decline.
The initiative makes available over 200 city-owned vacant properties to individuals ready to invest sweat equity and restore these dwellings to their past splendor, presenting an unparalleled opportunity. However, with around 15,000 abandoned properties marring Baltimore’s cityscape as of 2022, according to city data, the path to urban revitalization is steep and challenging.
Baltimore is notorious for having one of the highest crime rates in the nation, with the odds of becoming a victim of either violent or property crimes being 1 in 21. This rate exceeds those of communities of all sizes, from small towns to large cities.
The program, approved by a city board last Wednesday, revives the essence of Baltimore’s historic “dollar house” program from the 1970s, which successfully rejuvenated communities one home at a time. This approach to tackling urban decay is not unique to Baltimore; Newark, New Jersey, has experimented with a similar strategy, highlighting the critical need for creative solutions.
This time, the program is specifically targeting individual buyers, who can purchase a home for the symbolic sum of one dollar. Developers interested in these properties are required to pay $3,000.
To make the deal even more attractive, the city is offering substantial grants of $50,000 to aid with renovations, on the condition that applicants obtain pre-approval for construction loans, according to Governing.com.
Despite the enthusiasm, there are concerns. Some nonprofit organizations are calling for the city to implement measures to prevent developers from buying up large numbers of properties, a scenario that could push out low-income residents and intensify the pressures of gentrification.