Halted construction sites are not just nuisances to the cash-strapped developers of the properties, but they cause problems to surrounding neighborhoods as well. Complaints of scattered steel pipes, broken glass, and crumbling sheet rock seem to be rampant in overbuilt areas such as Florida. And residents are reportedly irate due to the safety and environmental hazards that these unfinished properties cause.
If the unprecedented number of real estate foreclosures didn’t hurt South Florida, the upcoming hurricane season likely will. A large Category 4 or 5 storm could wreak more than structural havoc on empty buildings; some believe the financial damage and related insurance, repair, and demolition costs could send Florida’s economy into an even deeper state of distress.