A group of housing scholars argued that there is a direct link between the harm to borrowers documented by people such as Rugh and financial losses incurred by cities. Citing more than a decade of economic and sociological research from a variety of sources, Justin Steil, a professor of law and urban planning at MIT and one of the authors of the brief, explained, “the data is well established that foreclosures do lead to decreases in neighboring property values, which then lead to decreases in city revenues in an amicus brief filed in support of Miami. Foreclosures, ” he included, “also result in more expenses because of the populous town in re-securing those properties, coping with the vandalism, squatting, fires. And when the areas don’t recuperate, it simply continues to be an ongoing issue for those communities to cope with. ”
Supporters for the banking institutions in this full case state that if such a thing, leaders of cities like Miami encouraged the influx of credit to their municipalities.
Supporters regarding the banks in this case state that if any such thing, leaders of metropolitan areas like Miami encouraged the influx of credit within their municipalities. “I think Miami desires to have this both ways, ” stated Mark Calabria, manager of monetary legislation studies in the Cato Institute. “If the banking institutions weren’t business that is doing Miami, they’d have trouble with that. It’s hard for me personally to trust that Miami could have been best off if Bank of America and Wells Fargo hadn’t been there.