Flipside. Why the hell does the NYC have vacant tax-seized real-estate property just sitting around boarded up being unused?
Unless the job of government is to manipulate the real estate market or to make the cost of housing higher, why not sell seized property for the fair market value? Why even give someone the chance to gain control via adverse possession?
The city government has probably attached so many conditions to the property, as well as currently existing rent control laws, that no one wants to buy the property.
It is the same reason property in Detroit is abandoned: because no person who works for a living wants to live there.
March 26th, 2012 at 9:27 am
I’ll accept half that to NOT teach people to break and enter.
What a deal!
March 26th, 2012 at 9:52 am
That’s crazy.
March 26th, 2012 at 11:21 am
Crazy.
Flipside. Why the hell does the NYC have vacant tax-seized real-estate property just sitting around boarded up being unused?
Unless the job of government is to manipulate the real estate market or to make the cost of housing higher, why not sell seized property for the fair market value? Why even give someone the chance to gain control via adverse possession?
March 26th, 2012 at 1:05 pm
Standard Mischief: Because it is in NYC.
The city government has probably attached so many conditions to the property, as well as currently existing rent control laws, that no one wants to buy the property.
It is the same reason property in Detroit is abandoned: because no person who works for a living wants to live there.