Peoria’s new land bank to address online home speculation

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PEORIA (WEEK) – Peoria Mayor Rita Ali said it’s an embarrassment that land speculators are buying dilapidated homes in the city for pennies on the dollar.

The Washington Post recently highlighted how rising home values across the country have led to online speculation in Peoria, with abandoned homes going to people at auction from places like Utah and California without ever seeing the property.

Mayor Ali said on Tuesday she’s troubled by what’s happening, and the city government needs to get more involved.

“Especially those properties that are in heritage neighborhoods. Some of them should be demolished. Some of them may be in condition to be renovated, but the city needs more control over what happens with land use,” the mayor said.

Ali noted the recent creation of a land bank authority – with a real estate agent, a county board member, residents, and three city council members – that she believes will address this very problem.  

The post Peoria’s new land bank to address online home speculation appeared first on WEEK.

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