Buffalo in Need of Housing

According to the latest data from the United States Census Bureau, the majority of residents in the city of Buffalo, New York, are people who do not own their homes and live under rental agreements.

In the past, Buffalo had countless houses undergoing foreclosure processes that were gradually abandoned or left vacant by their owners until many of them, due to their conditions, were demolished. As a result, the city has been left without affordable properties, creating a housing crisis for both buying and renting. Consequently, according to the data, the city of Buffalo currently faces a significant shortage of affordable rental housing.

As a result of the crisis, the high costs generated by purchasing a home, and the increase in population, the real estate market is showing a marked evolution in terms of rentals and is tangibly demanding the existence of more affordable properties to live in.

Another important factor highlighted by the Census is the amount of money a citizen spends on rent. According to the data, Buffalo residents spend approximately 35% of their monthly income on rental agreements, according to the Census. To counter this reality, both the city administration and investors and individuals have joined forces to offer a solution to this housing crisis through the repair and refurbishment of those properties that remain vacant in the city.

Buffalo has secured $90 million in state budget capitalization, which will be distributed among all local programs aimed at housing needs and to subsidize small business owners to carry out the necessary repairs for abandoned properties to meet legal requirements and return to the real estate market.

According to the strategy’s proponents, these funds will be managed by local non-profit organizations that apply to the New York State Homes and Community Renewal. Only vacant homes will be eligible for the grant, and beneficiaries must rent them at affordable prices for a minimum of 10 years.

However, while the measure of subsidizing funds is a friendly solution for many owners of abandoned homes, what is questionable is the required 10-year period during which the owner must keep their property as affordable rental housing. Market experts consider this a very long time and that it generates a lot of money to have to maintain controls over these rented properties.

Available Foreclosures:

Buffalo: 4,000 homes available.

By Elias DaSilva | October 7, 2024.