Vacant property affects city, study finds
Oklahoma City paid consultants GSBS/Richman just under $100,000 for a study analyzing the impact of vacant and abandoned buildings on the city and its residents. The consultants counted vacant buildings, calculated the financial impact of blighted properties, and proposed remedies. Planning Department Director Russell Claus calls it “cutting edge” work on a problem facing many cities.
Here are some of the major findings and a summary of the study's recommendations.
There are 12,106 vacant buildings in Oklahoma City; 71 percent single-family homes.
Analysis: “A large number of vacant buildings in an area may signal the potential for the housing market to collapse because of a supply/demand imbalance.”
There is a total of $14 million in revenue lost to the city each year from vacant and abandoned buildings.
Analysis: “Vacant units represent foregone revenue the city cannot collect through sales taxes, franchise fees, or other fees or taxes.”
Owners of vacant and abandoned homes pay an average of $112.39 annually in property tax, sales tax, franchise fees and other charges. Owners of occupied homes pay more than $1,200.