Wednesday, December 15, 2010

Good luck with that - Harrisburg enters Act 47

Lots of news all around on this.  Try either Bond Buyer:   Harrisburg Enters Pennsylvania's Act 47 Program

or Bloomberg: Harrisburg, Pennsylvania, Declared ‘Distressed’

Kind of a metaphysical question what defines 'distress' for a municipality.  In the census data dump yesterday Braddock, PA is showing a 35% housing vacancy rate which is a big jump from the 28% that the 2000 census was showing,  as inconceivable as that was.  I think that most likely counts as being distressed.  So Act 47 has done wonders for Braddock.  On the other hand Harrisburg, which is the state capital for those out of state readers here who don't realize that, has this little problem with a bond they guaranteed and which a distinct public authority has failed to make payments on.  I think that is something else... but to say it is 'distressed' in the sense of Braddock is a failure of political verbiage. 

I really have to wonder if that is not the highest incidence of housing vacancy for a municipality anywhere in the nation.  Other than Centralia of course, but they at least have this excuse that the state has ordered the town fully evacuated.


Anonymous MH said...

As far as burning things, Braddock can make a profit while Harrisburg can't.

Wednesday, December 15, 2010 2:15:00 PM  
Blogger rich10e said...

35 % empty properties is a great beginning for a new community.

Thursday, December 16, 2010 2:27:00 PM  

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