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Chicago Fining Banks for Vacant Properties

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  • Description

    FBN's Jeff Flock on Chicago's vacant property ordinance.

  • Duration 1:41
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-- -- -- When the banks to Chicago.

Finding financial institutions for leaving properties un occupied Jeff Flock is joining us from Chicago's south side.

With more on this story Jeff eight.

The with the west Pullman neighborhood this year -- -- from cuts a couple of ways this is one of the homes it's in violation is 312 west a 112 place why say it's in violation it's it's wide open.

You're not supposed to enter this building but.

Balance what it says there -- we're gonna go anywhere because I want to show you what it looks like here what -- was -- and try to combat this.

They are now charging the banks to register a vacant property.

And also if there's a violation like this ports wide open.

You gotta pay for take a look at how it works you have to pay 500 dollars to register the property you can be find up to 500 to a thousand dollars to date for violations like having an opener having it.

And unsafe situation.

So far -- 150 banks have been find.

And it's brought into the coffers of the city 6191000.

Dollars now.

You might think that's a good thing and that you know open to the cities making some money to try to do -- about this clearly nothing is being done about this one in what's happening.

Is that much as banks.

But private owners are being.

Assessed with the spines in addition.

Some of the banks are saying well you know what there's no point in -- closing on these properties what we just leave them to the person who owns it but -- can't afford to pay a mortgage on its at least certainly can't afford to pay a fine.

So it's a big problem sometimes you try to do something -- And there are unintended consequences.

Take a look at it in Chicago.

Jeff Flock while -- very interesting very telling a story from Chicago and the.

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