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The predatory actors that thrived off foreclosure auctions & sought to make $$$ at any cost devastated neighborhoods in 2008 never quit, but the pandemic has caused an unprecedented surge in demand for property. https://www.timesunion.com/news/article/Albany-legislators-question-Land-Bank-operations-15734559.php?utm_campaign=CMS%20Sharing%20Tools%20(Premium)&utm_source=t.co&utm_medium=referral
First, our staff works exceptionally hard day in and day out to protect against predatory practices & finally put a stop the harmful cycles that have plagued too many communities for too long, and they continue to do so despite the huge surge in demand and COVID-19 restrictions.
The market forces are real right now, but so are the safeguards. ACLB's purchase process, like that of many other land banks in the US, is designed to break the cycle of blight. That is one reason why every application goes through the same rigorous vetting & review process.
Don't be discouraged by what you hear. All sales decisions are made independently, objectively & apolitically on the merits of the application. Anyone may apply to purchase a property providing they meet the buyer qualifications, which are clearly disclosed on purchase app & web.
Land Banks create outcomes that are unachievable through other methods of disposing of vacant properties, including significantly higher rates of local ownership, more first-time homebuyer opportunities, less speculation & less absentee landlordism.
Any suggestion that hordes of "outside" developers are successfully buying up properties from a Land Bank in NYS is baseless. In fact, ~80% of all 600 props sold by ACLB have been purchased by buyers w/ primary residence in Albany County. All of this info is publicly available.
Land banks, by definition & per state law, are designed to acquire & hold properties until they can be returned to productive use. LBs are not experimental, they are a widely recognized & proven way to reclaim vacant properties & create outcomes that govt can't & market won't.
Land banks work here, throughout NYS and across the United States. The application process is significantly more fair, inclusive and transparent than historic methods. Every sale, every policy, every property is available online. All meetings are open to public. @NYLandBankAssoc
There is always room for improvement, better collaboration, stronger partnerships, open discourse and constructive feedback. All are welcome & happily received. There is no perfect way to solve for vacant properties, and every potential solution is worth exploring.
Since established, the @albcolandbank has worked very closely with Albany County & many other stakeholders. Albany County deserves a great deal of credit for their collective leadership & support. Together we have built one of the most effective LB's in the Eastern United States.
Right now the depth & breadth of collaboration & partnership between local govt & nonprofits regarding community development is stronger than its ever been. Ultimately, we all want healthy, thriving neighborhoods that serve everyone & we can go further towards that goal together.
