City of DeKalb employees and the group Ellwood Historic Neighborhood have hatched a new plan just in time to take up a line item in the FY2014 budget: Buy up multi-family homes in the north 5th Ward, convert them to single-family and resell each property at a loss. In fact:
“We have worked with a local realtor and contractor to identify a willing seller of a multiunit house in the neighborhood,” said David Castro, a member of the Ellwood House Neighborhood Group, a group of residents who have worked with the city in the past to restore the area.
Council has put this plan on hold. Good for you, council members! Personally, I would, too. I agree with Ald. Jacobson that DeKalb should not get into the business of property speculation. First and foremost because it is so, so bad at it (see: empty lots downtown). Read the rest of this entry