Scott Marks 2:48 p.m., May 23
A public hearing will be held tomorrow concerning the City of San Diego’s proposed Property Value Protection Ordinance, a measure similar to one pioneered by Chula Vista and since implemented in numerous regions throughout the country that aims to hold banks responsible for the maintenance of distressed properties upon which they hold the primary mortgage.
A Better San Diego, a community group largely backed by labor groups, is calling on the public to show support at the Land Use & Housing Committee meeting, scheduled for 2 p.m. at City Hall (202 C Street, 12th floor).
“When the housing bubble burst five years ago, few of us knew what was coming. In San Diego alone it's meant 57,000 foreclosures and, so far, no accountability for banks . . . this week at City Council we finally have a chance to do something about it. Can you join us?” implores a release from the group.
The proposed ordinance would require banks to maintain properties that have been foreclosed or have been abandoned during the foreclosure process to an acceptable community standard or face stiff fines of as much as $1,000 per day for noncompliance. Residents near foreclosed homes have complained of increased crime and drug activity due to banks’ failure to keep undesirables out of properties ostensibly under their control.