DETROIT, Mich. (Michigan News Source) — Detroit’s largest landlord isn’t a developer or a hedge fund—it’s the Detroit Land Bank Authority, a public agency sitting on about 60,000 empty lots and a few thousand houses. Now, Detroit City Council wants the state to crack open its ledgers.
On September 16, council members passed a resolution urging the Michigan Auditor General to run a forensic audit on how the Land Bank buys, sells, and manages property, The Detroit News reported.
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Councilwoman Mary Waters singled out the nuisance abatement program, which lets the Land Bank seize neglected homes through the courts. “After a year and a half, I don’t believe we should be granting the land bank such authority to take private property,” she said.
The Land Bank was born in 2008 to clean up decaying neighborhoods and restore properties to tax-paying use. But this spring, the city cut off its annual subsidy, forcing layoffs and a pivot from rehabbing houses to simply offloading vacant land.