New Housing Strategy in Syracuse

To address the city’s housing crisis and the challenges of real estate affordability, government authorities in Syracuse set out to conduct a study on the housing situation, and the results revealed that many of the city’s problems, including economic factors, are closely linked to market conditions and trends.

The inability to secure housing in Syracuse, the study says, is due to the significant gap between average home prices and the average household incomes, which are insufficient for a family to allocate what is proportionally needed to cover housing costs, forcing them to pay more than normal to have a place to live.

Another factor disrupting the real estate market is the current condition of many homes in the city. It was concluded that the deterioration of properties in certain areas is due to many owners not seeking to invest in necessary renovations or repairs for the maintenance of the homes, which devalues the communities, leading investors to prefer to invest in more preserved and in-demand areas where the return on their investment will be more consistent.

Based on this outcome, the authorities designed a new housing strategy with the sole purpose of improving housing affordability so that more residents can access a safe and comfortable space to form a family. In addition to this, they emphasize the importance of improving the resources of Syracuse families, as this is the main factor exacerbating the housing crisis and the biggest impediment for families to access housing.

To fully achieve the objectives of the strategy, the authorities believe that among the best tactics to implement to boost the Syracuse real estate market is to revitalize the downtown area, implement the Community Grid Vision Plan, rehabilitate East Adams Street, engage in land banking, and improve compliance techniques with city codes.

In February, after the demolition of the I-81 viaduct, the city mayor announced the Community Grid Vision Plan, which aims to improve land use, transportation services, housing projects, and facilitate safe and comfortable pedestrian transit.

To improve the housing crisis, the mayor proposed enhancing downtown areas, rehabilitating all old public housing, and creating measures to enforce the city’s housing code compliance for all owners who do not fully comply. Additionally, he aims to improve conditions in less favored areas and invest in projects that capitalize on the real estate market located there.

Available Foreclosure:

Syracuse: 150 homes available.

By Elías DaSilva | 04 de diciembre de 2024