Demolishing foreclosed homes: Does it make sense?
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Is demolition a solution to the housing crisis in some of the Chicago area's most depressed communities?
Nowadays, many foreclosed homes end up in states of disrepair. Left vacant, they’re stripped of all valuable materials. Instead of attracting potential buyers, these homes often attract crime and end up sinking property values. That’s why some communities are tearing them down.
Former City of Chicago buildings commissioner Richard Monocchio estimates that between 6,000-9,000 homes should come down in Chicago alone. We'll talk with Monocchio and Chicago Heights Mayor David Gonzalez Monday on Eight Forty-Eight to learn about their expereinces using demolition as a tool to rebuild communities hit hardest by foreclosures.