Today, America faces a problem of excess commercial space and 19 million vacant housing units that is burdening the national economy. These nonproductive real estate assets are dragging down neighborhoods, local businesses, and responsible homeowners and are resulting in real costs as well as opportunity costs (i.e., loss of tax revenues, or a decline in surrounding land values). To date, the nation’s economic recovery strategy has been driven by financial policy. But as unemployment hovers around 10 percent and underemployment nears 17 percent, a landbased approach to solving America’s economic crisis, driven by the creation and revitalization of parks, is gaining national attention.
Congressional Oversight Panel Analyzes Commercial Real Estate Losses and the Risk to Financial Stability
WASHINGTON, D.C. - The Congressional Oversight Panel today released its February oversight report, "Commercial Real Estate Losses and the Risk to Financial Stability." The Panel is deeply concerned that a wave of commercial real estate loan losses over the next four years could jeopardize the stability of many banks, particularly community banks, and prolong an already painful recession.
The nonprofit group “Redfields to Greenfields Atlanta” (R2GA) www.redfieldstogreenfields.org seeks to establish a $5 billion pilot program to buy distressed commercial properties, convert them to parks and later offer incentives for developing projects around these open-space cores.