Letter to the Editor: Real Estate Article Hits the Nail on the Head

Mr. Maley, you have written a brilliant analysis of the Florida real estate market in the Bradenton Times. Since we all suffer from such a huge glut of damaged goods on the market that few want to buy, why are our county commissions approving even more development outside the urban area? This policy only serves to ramp up the supply of lots, which we all know drives down the price of all the existing lots (including those with houses on them) in the market.

In order to stabilize the market, moratoriums on new development should be enacted at once to stop the slide in taxpayers' property values and local governments' tax base. The abandoned houses and Chinese drywall houses, which threaten public health and safety, should be razed to the ground by local governments and liens applied to their land titles to recover the cost of demolition or even acquire title to the land itself and take it off the market.

This banked land may be held in reserve until better times come our way, or if that scenario does not play out, the parcels could be allowed to return to their natural state. I agree with you that since absurd government banking policies and lack of proper regulation caused this mess to unfold the way it did, all levels of our government bear the duty to intervene at once and at least stabilize the situation.

Richard C. Thomas
Sarasota