On Wednesday, October 19, 2011, MAAPL held a Press Conference at the Jewish Alliance for Law and Social Action, 18 Tremont St. in Boston to announce the release of a new major report on the wide range of harms–from health to economy to tax base to domestic violence–caused by accumulating foreclosures, all focused on Massachusetts-specific data. Surveying substantial research in this area (some of it just published), this report cites Massachusetts-specific figures in multiple areas, pointing to possible policy solutions based on best practices being proven in other jurisdictions.
Joining MAAPL and report author Grace Ross were the following guest speakers:
- Simon Johnson, former Chief Economist of the International Monetary Fund, Professor at the Sloan School of Management. Professor Johnson shared research and answered questions on the role of banking policy in the foreclosure crisis.
- Residents fighting foreclosure, who shared their personal stories, putting a human face on the devastating impact of foreclosure on citizens’ health, families, jobs, and neighborhoods.
- Members and representatives from City Life/Vida Urbana, the Worcester Anti-Foreclosure Team, and the Greater Four Corners Action Council
- Sam Simon, author of the recent report Vacant Spaces
Foreclosures: Denying Massachusetts an Economic Recovery demonstrates the impact of the foreclosure crisis on the Commonwealth of Massachusetts, giving concrete Massachusetts figures on foreclosure-related harms: increasing rents, homelessness, illness and much more; and losses to our state, including:
- The Commonwealth has experienced a roughly 20% loss in property value from the height of the bubble through what now appears to have been just the first trough in 2010.
- Inserting actual Massachusetts property value loss in the 2008 Congressional report on household spending for the period from 2007 to 2009, the Massachusetts state economy actually lost over $4 billion per month.
Please download a copy of this important report (PDF)