Los Angeles City Council members passed an ordinance May 21 to hold banks accountable for vacant foreclosures, which would generate millions for the city and improve blighted neighborhoods.
Visit www.lahoodwinked.com to learn more and report a vacant foreclosure in your neighborhood.
“Big banks have profited off the financial crisis and they are costing the city of LA money in more ways than one,”
said Lindoria Horn, a gardener-caretaker in the city’s Recreation & Parks department.
“When there are problems at these vacant houses the taxpayers pay to send police, building inspectors, fire, graffiti abatement, tree trimmers and more. That’s money LA doesn’t have and it’s contributing to service cuts.”
Lindoria Horn joined Los Angeles residents, community organizations and other city workers at City Hall for today’s passage of the “Foreclosure Registry” ordinance. Based on a state law, it requires banks to register vacant, foreclosed properties in the city and allows the city to fine banks $1,000 per day for vacant homes they fail to maintain. The law applies to all foreclosures including bank-owned homes and those in default that are vacant.
The City Council voted 14-0 in favor of the ordinance, which was also a key element of LA city workers’ Strong Budget for LA plan of new revenues and cost savings to help balance the city’s budget this year without service cuts in the form of layoffs and furloughs. City Council has budgeted $5 million in anticipated revenue from the ordinance.
Visit www.keeplastrong.com for the full Strong Budget for LA. City workers are still fighting for inclusion of more elements of this plan as adjustments to the budget passed earlier this week by City Council which slashes services and lays off hundreds of workers.