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Summary of Legislation: This Legislation adds San Antonio to the Urban Land Bank demonstration program.
Analysis: Urban Land Banks are used for public authorities to hold, manage, and develop tax-foreclosed property. They convert vacant, abandoned and tax-foreclosed property back to productive use. Land banks are tools of the local government to economically develop or redevelop blighted communities.
This legislation addresses potential costly impacts of abandoned homes and property. In addition vacant properties tend to attract crime and remain substantial fire hazards. This has a negative impact on the surrounding community and spends municipal funds on nuisance abatement where there is a relatively small tax base to cover the services, thereby passing the cost elsewhere.
On the other hand this practice interferes with the free market by preventing private investors from having the opportunity to purchase these properties at county auction.
We are neutral on this legislation.