You make a couple of good points; however, keep in mind, anyone that buys a 10k home in one of these neighborhoods has to put @ least another 200k in rehabbing it. You can't just look at the purchase price of the home. Its the total amount of equity involved. They're suggesting rehabbing these private homes with federal dollars. Net result, significantly depreciated individual investment.
I do agree with your point about abandened homes. Although you make a good point, its a sad one. It speaks to the volume of despair in the city that the best neighborhoods has a catalogue of abandened homes to rehab. That being said, putting bodies in the homes at best slows downs depreciation, but doesn't reinforce longterm appreciation as I stated earlier.
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