⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐
The Washington Independent
The Washington Independent

More Evidence of a Wasteland of Unfinished Housing Projects

The Los Angeles Times takes a close look at a problem TWI detailed Tuesday in a piece about neglected bank-owned property. Some of that property, as we

Dexter Cooke
News
Last updated: Jul 31, 2020 | Mar 05, 2009

The Los Angeles Times takes a close look at a problem TWI detailed Tuesday in a piece about neglected bank-owned property. Some of that property, as we explained, includes half-built housing developments, where construction was halted when the mortgage market went bust. Those developments are called PVC farms, after the PVC sewer pipes that stick out of the ground. You can see PVC farms in the Washington area in places like southern Prince George’s County, Md., and Prince William County, in the outer suburbs of Virginia. Usually you’ll see advertisements for the housing that was never built (The St. James Estates – homes from the $700,000s!) and colorful flags, but no houses.

In Los Angeles, however, PVC farms and abandoned developments are more than an eyesore — they’ve become an epidemic, according to The Times.

Nearly 250 residential developments with a combined total of 9,389 houses and condominiums have been halted in California, according to research firm Hanley Wood Market Intelligence. The units, worth close to $3.5 billion, were in various stages of development.

Now, many are in bankruptcy or have been foreclosed by lenders. Developers have halted sales on an additional 370 new-home developments — about 30,000 units worth $11.9 billion.

“It’s a sad state of affairs,” said Greg Doyle, regional director of Hanley Wood.

And what happens to those abandoned developments?

By day, it’s far too quiet at the site of a planned housing and retail development on a former Navy base in Oakland.At night, neighbors can hear the thieves come out.

They rip out copper wire, haul away pipes and take anything else they can steal from dozens of buildings on the site, abandoned after Irvine developer SunCal Cos. fell victim to the economy.

It’s a scene not uncommon throughout California, as residential construction grinds to a halt under the dual weight of the credit crunch and the housing crisis: a rusty chain the only barrier between the community and a half-built structure in Hollywood; a bare dirt lot in Pasadena; old stoves amid the trash at the site in Oakland.

An interesting twist is that one developer of an unfinished project is suing Lehman Bros., contending funds for building the houses were cut off when Lehman declared its bankruptcy. The investment firm hoarded billions of dollars in cash, the suit contends, while the project it was supposed to fund failed.

Lehman filed a motion to dismiss the suit. A legal battle could drag on for years. In the meantime, as we reported, neighbors surrounding those half-built developments in California and around the nation endure the trash and vandalism that results, while banks and developers walk away.

Dexter Cooke | He is an orthopedic surgeon who insists that a physician's first priority should be patient care. He specializes in minimally invasive complete knee replacement surgery and laparoscopic procedures that reduce pain and recovery time. He graduated from the Medical University of South Carolina with a medical degree and a postdoctoral fellowship in orthopedic medicine.

Related

MA-Sen: 150 Conservative Bloggers Fan Out, Looking for Scandals

BOSTON -- The mysterious Election Journal blog, which first released the infamous 2008 video of two bumbling New Black Panther Party members waving nightsticks

MA-Sen: 66 to 19

BOSTON -- That, via Alex Isenstadt and Josh Kraushaar, is the number that defined the Massachusetts Senate race more than anything else. From the primary

MA-Sen: A Text Message From Scott Brown

BOSTON -- Having signed up for Scott Brown’s text message service for election day, I just got this text: Are you about to have lunch? It’s a great time to

MA-Sen: Loyal Democrats Grouse About Coakley

BOSTON -- A little while after noon, a steady crowd of Democratic voters streamed into the Cathedral High School Gymnasium to cast votes for their party’s

MA-Sen: Brown Wins

BOSTON -- At 9:20, the first rumors of Scott Brown’s victory in the Massachusetts Senate race started to work around the room. A moment later, Doug Flutie

MA-Sen Photos: ‘Paint the Town Red! Croakley’s Dead!’

Below are some photos of yesterday’s People’s Rally in Worcester, the rally that Brown held to counter-program the Obama rally in Boston. The crush of

MA-Sen: Out-of-Staters for Brown

BOSTON -- A surprising discovery at yesterday’s People’s Rally in Worcester was just how many people had traveled into the state to assist, in whatever way,

Menendez, Lautenberg to Continue BP-Lockerbie Investigation

Sens. Robert Menendez and Frank Lautenberg, both New Jersey Democrats, will continue to seek details about BP’s alleged involvement in the release last year of

Net Investors Bullish on Palin’s Prospects for Staying on Ticket

Just for fun, the Internet prediction Website Intrade has opened a contract on whether Alaska Gov. Sarah Palin will be withdrawn as McCain’s running mate.

No Experience Necessary

Gov. Sarah Palin’s a middle-class hockey mom, but does that really qualify her to be vice president?

© Copyright 2022 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com

⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐