clock menu more-arrow no yes

Filed under:

Senate Backs Derelict Buildings, Squatters

New, 1 comment

The state Senate shot down an emergency bill that, if passed, would have fined property owners $1K for each day vacant properties were left to rot; the legislation was aimed at quelling neighborhood blight brought on by foreclosed and abandoned properties. Senate leader Don Perata's bill would have required banks to help homeowners consider how to restructure their loans; owners would have then been required four months' notice to borrowers before mortgage payments increased 10 percent or more. Owners would also have received 60 days' notice before being forced out of foreclosed homes. But oh, that's right— the bill didn't pass. [SF Gate]