CLEVELAND – The city is set to meet and discuss the demolition of over 8,000 homes today.
The meeting, taking place at City Hall, will open with discussion about a new study published by the Griswald Consulting Group. The research looked at demolition figures in Cleveland from 2009 to 2013 and found that by tearing down old and dilapidated buildings, the community gets multiple benefits.
The study found that after abandoned homes were torn down, neighborhoods had more stable or elevated home values. There was also a decrease in foreclosures and fewer tax delinquencies.
The city will need about $83 million to complete the demolition of the 8,300 buildings identified.
The US Treasury will pitch in $15 million to the project, but the money can only be used by the County Land Bank.
Cleveland has been aggressive in taking on abandoned and condemned properties as of late, spending $58 million to demo 6,500 buildings.
The problem is a growing one, with more than 15,000 buildings being condemned since 2006.