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Baner Club > Blog > Business > Can urban ruin be solved by selling off properties for $1?.
Business

Can urban ruin be solved by selling off properties for $1?.

The concept of regeneration originated in the United States fifty years ago and has since expanded to other regions of the world.

Last updated: 2024/10/07 at 10:22 AM
Published October 7, 2024
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2 Min Read
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But can a minimal price for the sale of abandoned, vacant properties be able to address urban blight? And in these kinds of plans, who wins and who loses?

Judy Aleksalza’s home in Baltimore’s Pigtown neighborhood evokes memories of the Tardis, the time-traveling police box from Doctor Who. Inside, it appears larger than outside.

It is a part of a row of immaculately maintained terrace houses from the 19th century; many of the front steps have recently been watered, and there is no graffiti or trash on them.

In 1976, Ms. Aleksalza paid the same amount for the then-abandoned property.

She has since transformed it with tens of thousands of dollars and much more in blood, sweat, and tears. It was, in Judy’s words, “a horror story”—bad weather, contractors who ran out of work.

She admits, “I was very close to filing for personal bankruptcy.” It’s similar to giving birth, you know. While it was happening, it was terrible.

But you know, I declared, “It is mine, it’s all mine,” after it was all done. And owning your own house gives you stability, which is crucial.

Located 40 miles (64 km) northeast of Washington, DC, Baltimore was one of the first US cities to experiment with “urban homesteading.” Vacant properties were sold off for just one dollar, allowing residents to gain it.

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admin October 7, 2024 October 7, 2024
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