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Old 02-06-2014, 05:51 PM
 
Location: Oakland, CA
27,171 posts, read 29,708,722 times
Reputation: 26676

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For unknown reasons, this topic popped up in my RSS feeds today, and surprisingly it hasn't been discussed:

Richmond’s rules: Why one California town is keeping Wall Street up at night

The city named is near me, and sort of lost in the shadows of its neighbor's. Instead of letting the banks sit and let homes rot, or let develoers take over, they decided to buy up the homes and give them back to the community.

Richmond is a cheaper city in the Bay Area with a high crime reputation but little of the "trendiness" of Oakland. It is also sort of industrial, Chevron has refineries in town. It has nice parts and terrible parts but is fairly affordable, near Berkeley and Oakland and offers a decent commute to SF. Housing values are increasing, and there are great historic homes in town, a waterfront and new development in town, including a bug expansion of the Berkeley Lab. I think this is a good investment on all levels, and a great way to deal with the foreclosure crisis.

More from NYT: http://www.nytimes.com/2013/11/16/bu...ures.html?_r=0
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Old 02-06-2014, 06:00 PM
 
Location: Oakland, CA
27,171 posts, read 29,708,722 times
Reputation: 26676
And some more recent updates:
Richmond mortgage eminent domain battle expanding - SFGate
Richmond seeks partners for plan to seize mortgages using eminent domain - Our Region - The Sacramento Bee
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