There's a really good map in the article as well, be sure to follow the link:
New study puts a hefty price on Philadelphia blight
By Jennifer Lin
Inquirer Staff Writer
The problem of blight has confounded Philadelphia mayors for decades and generated volumes of policy papers.
Now comes a new study, and an urgent warning: Do something posthaste, because vacant land and abandoned buildings are costing us dearly.
Released Wednesday, a report prepared for the city's Redevelopment Authority (RDA) and the Philadelphia Association of Community Development Corps., representing nonprofit developers, has taken a stab at calculating the financial impact of 40,000 vacant properties.
Among the findings:
Philadelphia's surfeit of blighted properties undermines the total value of real estate in the city, estimated at $50 billion, and drags it down by $3.6 billion, an average of about $8,000 per household.
The city is spending $20 million a year to maintain vacant lots, clean up waste, demolish or seal dangerous buildings, and provide extra fire and police protection.
The owners of 17,000 blighted parcels owe the city $70 million in back taxes, a sum that increases $2 million a year.
"This is costing all of us," said Lee Huang, a director of Econsult Corp., an economic research firm that led the study. "All of us are losing property value, household wealth, and the city is not collecting the tax revenue it's due."
Read more: http://www.philly.com/inquirer/home_...#ixzz151oK5Vww
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