BANK OF AMERICA HAS SO MANY FORECLOSED HOMES, it’s resorting to bulldozing. And is it just me, or does this sound vaguely Atlas Shrug-ish?
“There is way too much supply,” said Gus Frangos, president of the Cleveland-based Cuyahoga County Land Reutilization Corp., which works with lenders, government officials and homeowners to salvage vacant homes. “The best thing we can do to stabilize the market is to get the garbage off.” . . . The lender will pay as much as $7,500 for demolition or $3,500 in areas eligible to receive funds through the federal Neighborhood Stabilization Program. Uses for the land include development, open space and urban farming, according to the statement. Simon declined to say how many foreclosed properties Bank of America holds.
Urban farming. They had that in Rome in 500 A.D., didn’t they?