Thursday, January 23, 2014

5+ years of Obamamercia----"Zombie subdivisions," abandoned in downturn, plague Colorado counties

"Zombie subdivisions," abandoned in downturn, plague Colorado counties - The Denver Post:
""Zombie subdivisions" — some platted but vacant land, others partially built and then abandoned — plague parts of the Intermountain West, siphoning valuable resources from struggling local governments, dragging down property values and causing blight.
Millions of these undeveloped lots exist, many requiring public services in remote neighborhoods that generate little tax revenue. 
The unfinished developments have become the "living dead of the real estate market," according to a report released Wednesday by the Cambridge, Mass.-based Lincoln Institute of Land Policy.
The problem is especially prevalent in states including Idaho, Montana, Wyoming and Arizona — where wide-open spaces and booming economies drew new residents and developers before the recession began."

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