The Double-Edged Sword Of Vacant Homes

COLUMBUS, Ohio—It sounds like what Columbus has always wanted. The more than 5,000 abandoned and vacant homes in the city are being purchased. So why do so many in Columbus have a long face?

Out-of-state investors are buying the homes in an effort to either flip them (fix them up quickly and resell them) or hold onto them awaiting a better economy.

City Law Director Rick Pfeiffer says the problem lies in resources.

While the investment companies are practicing good old fashion capitalism, there is no guarantee they’ll keep up the properties.

He also says the companies are usually buries in layers of bureaucracy and trying to hold a real live human being accountable can be next to impossible.

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