1506 Dagmar, Pittsburgh. Owner? RDF, LLC 44 Wall Street, NY NY
An article in last month's Pittsburgh Post-Gazette on the woes of just one area in Pittsburgh affected by an absentee landlord led UrbanTools to write a letter to the editor after some basic research. Turns out this house is one of hundreds or even thousands owned by an LLC named "Res Distressed Fund."
Incorporated under as many as 9 names in Delaware, Res has a litany of unpaid fines, taxes and generally help drag down ever more distressed neighborhoods. The letter reminds cities and towns, that the causation of local problems extend up to the highest reaches of Wall Street. Most of these parcels were bought for pennies on the dollar from the likes of Deutche Bank, Wells Fargo and their like. This business plan has some winners, but mostly losers.
The boom caused by uncontrolled land values led to a bust where only vultures can fly high.