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Oil, Chemical Firms Buying Neighborhoods

Posted by: Chris Steins
Thanks to: Chris Steins
21 January 2005 - 9:00am

Oil and chemical companies are buying entire adjacent neighborhoods to demolish them to prevent future complaints and lawsuits.

"Up and down the Texas Gulf coast, in neighborhoods that once teemed with plant workers, oil and chemical companies are methodically buying up property, creating distance between their facilities and the nearest residences, in some cases repurchasing houses they sold to employees decades ago.

Industry officials say they are establishing buffer zones between themselves and their communities to improve quality of life. Some residents contend they are being pushed out so the plants can expand."

Full Story: In the buffer zone
Source: The Houston Chronicle, January 20, 2005
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The decision to abandon a property is a symptom of the loss of confidence. And while abandonment certainly affects confidence among surrounding homeowners, the most important question to answer is not "how do we deal with abandoned properties?" but "what is the most cost-effective way to restore market confidence, and how do abandoned properties fit into that picture?"
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