March 18, 2013 Property values plunge 35% more than neighboring communities due to lack of Code Enforcement
Text of speech:
According to the King County Assessorís Office property values in Burien are falling 35% faster than Sea-Tac, 35.1% faster than Tukwila, and 34.6% faster than Des Moines.
Houses like these on the overhead projector are scattered throughout Burien. Each one affects the property values for three square miles and with the City having only 10.1 square miles these houses cannot be allowed to exist without serious financial results for the homeowners of Burien, the businesses of Burien and the City of Burien itself.
According to the FDIC each one of these houses cost the City 34K in lost revenue and the surrounding home values go down by 220K.
These 8 houses on the screen have cost the City 589K in lost revenue in the last three years.. The residents of Burien have lost $208,125,000 in net worth last year above and beyond our surrounding Municipalities because the City refuses to take action against these type of houses.
The code policy of reactively dealing with code issues gives us houses like those on the screen. There are somewhere between 50 and 100 houses like this throughout Burien. Some are Bank repos and some are owned by slumlords.
Not one new law has to be enacted to deal with every house on the screen.
It would take the City no more than 40 man hours to abate each one of these. In one year the City would add 1.7 million dollars to the City coffers and increase homeowners net worth in excess of 1 billion dollars by dealing with these houses using the existing BMC.
It would send a powerful message to potential home buyers that Burien is the kind of City that will watch their backs and deal effectively with issues like these as they arise.
What it does require, is the City Council to send new marching orders to the City Manager to enforce the existing Burien Municipal Code.