A slow process of out-migration, loss of jobs, loss of population and the recent housing crisis has left cleveland with a host vacant homes, approximately 13,000. Due to rehabilation costs exceeding potential sales prices and a mis-match in productive (land/economic) uses, nearly 80% of these vacant homes make fiscal sense to demolitish.
This has left the city and remaining neighborhoods to explore untraditional ways of redeveloping. It has also lead to a growing trend of foreign investment in it’s neighborhoods, from Israel to the United Kingdom, all hoping the real estate market will stabilize.
The following interview between PBS reporters Gwen Fill and Paul Solman and Cleveland non-profits and residents may be found in full at: http://www.pbs.org/newshour/bb/business/july-dec11/makingsense_07-05.html.