Blog

Recent reports say that approximately 25% of hotels cannot pay their mortgages and are at risk of foreclosure. One example is the famed Roosevelt Hotel, which survived a world war and the Great Depression during its nearly 100-year history in Midtown Manhattan, but the COVID-19 pandemic has been too much for it to weather.

Abandoned properties hardly stay “abandoned” for long. If a property is uninhabited, it’s susceptible to takeover. Vandals, taggers, squatters and transients can move in and out, staying for the night—or for longer. A once-empty house can transform into a house covered in graffiti and trash in a matter of weeks. Vermin could move in as well and spread throughout the neighborhood. Abandoned properties make neighborhoods less safe and drag down property values for the other houses on the block.

The National Vacant Properties Campaign held its annual conference in Cleveland, Ohio last week. There to explain the positive impact that receiverships can have on vacant/abandoned properties in cities across the nation was Mark Adams of the California Receivership Group. Mr. Adams is a friend and mentor of mine.