What's more, the report shows that it will cost more than $800 million to tear down the approximately 40,000 homes that are in such poor condition that they cannot be inhabited. The Task Force hopes that this money can come from the federal government, as the city is still working to get itself out of bankruptcy.
About another 44,000 homes in the city will need to be renovated, the report finds.
Meanwhile, Detroit home prices and rents have been rising rapidly, with some city residents saying they are now spiraling out of reach.
As the task force's report points out, tearing down tens of thousands of homes at once in a single metro area for economic reasons is something that's never been done before in U.S. history.
What's more, the actual cost of tearing down the homes is relatively unknown, since some might contain lead and asbestos and will require special remediation procedures.
In a statement, Shaun Donovan, out-going secretary of the U.S. Department of Housing and Urban Development, congratulated the task force on creating the report, which ‘clearly demonstrates that the City of Detroit and the Detroit Land Bank Authority are making real progress in their efforts to eliminate blight.’
‘In the coming weeks, HUD and other federal government partners are looking forward to reviewing the recommendations of the report and will continue to work with private, philanthropic, nonprofit, and public sector partners to support their revitalization efforts,’ Donovan said.
‘I especially want to acknowledge and express my gratitude for the work of all of the task force chairs and members as well as members of the community who contributed input and ideas to this report,’ he added. ‘Whether it pertains to blight or other local challenges, the Obama Administration remains committed to partnering with the City of Detroit as it continues on its road to economic recovery from the recent recession. We will continue to work with our partners in Detroit to ensure we create ladders of opportunity for Americans who are working hard to make it to the middle class and turn the people of Detroit's vision of the future into a reality.’