Since the Housing Crisis of 2008, the Greater Cleveland area has seen an explosion of formerly foreclosed homes transfer between loosely formed limited liability companies (LLCs). In the wake of such transfers, these LLC-owned properties have high rates of building code violations, vacancy, and, tax delinquency which serve to drain public safety and other resources from the local community. Making matters worse, owners of distressed properties are largely able to exploit the criminal code enforcement scheme of many municipalities and effectively block early attempts to repair or otherwise abate conditions at dilapidated properties.

Timothy Kobie, PhD, a business process analyst for the City of Cleveland Department of Building and Housing, will present findings of his recent research into the dramatic increase of business entities purchasing residential property, which in 2004 accounted for 7% of residential property transfers and accounts for 22% of all residential property transferred in 2019 throughout Cuyahoga County.  A panel discussion on the effect such transfers have on neighborhoods, cities, and Cuyahoga County as a whole will follow in the hopes that such conversation will help outline public policy reforms and strategic solutions to this growing problem.