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Countywide Land Bank Will Combat Vacancies

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We recently blogged about a study done by the Chicago Department of Buildings on vacancies in the city. After looking at data on over 6,000 properties, the study concluded that the south side was impacted the most by the problem. A proposal by Cook County Commissioner Bridget Gainer to create a countywide land bank was one of the solutions offered. The idea is to buy up distressed properties and resell them within 1-4 years. True to her word, Gainer, along with Board President Toni Preckwinkle, has introduced a measure to this effect. The land bank, if approved, would begin operating in the south suburbs. And taxpayer dollars would not be used to fund the project, at least not initially. [Chicago Tribune, previously]