40,000 parcels.That's how many pieces of vacant/absent real estate Philadelphia currently has
25% of them are owned by the city, with the remaining 75% owned
privately. That's a mind-blowing number, but once you stop and think
about all of the vacant residential, commercial, and industrial pieces
combined, I can believe it. Philly's a big city.
The Nutter Administration's current land bank proposal is only supposed
to deal with the land the City of Philadelphia currently owns (which is
25%), but it's still a huge step in the right direction. That's 10,000
parcels that could be sold and either redeveloped or repurposed sooner
rather than later.
Since it is costing upwards of $20M per year for the city to maintain
these parcels, it only makes sense to start unloading them, making money
on the sale, and saving money on maintenance.