Saturday, August 20, 2011

Scars Left by ‘Great Recession’ Will Be Hard to Erase

One of these permanent marks left by the previous recession is what's happened to neighborhoods hit by a wave of home foreclosures. Peck points to areas in Florida, Arizona and Nevada that are starting to disintegrate — just like what happened to some inner cities back during the 1970s.
More signs that Privatopia and its privatized local government by HOA that grew dramatically over the past four decades and built to a climax over the past 15 years is on the decline. Peck predicts HOA land will become blighted. Note however another author predicted the suburbs would become the new slums long before Peck: Jack Lessinger in his 1991 work Penturbia: Where Real Estate Will Boom AFTER the Crash of Suburbia.

1 comment:

Anonymous said...

The HOA land already is blighted - at least on a legal landscape. Now it will also become blighted on a visual landscape. This isn't bad, it is good. For far too long, people bought based upon reasonable expectations and historical experiences without "seeing" the legal entanglement that HOA-burdened property had. Now there will be a better match between the two.

It's unfair, however, to identify this as a "suburban" issue. It's really an HOA issue regardless of whether the property is urban or suburban. There may be a high correlation between "HOA" and "suburban" status, but causality is due to the HOA, not the suburban status.