While the housing market is turning around, the federal government is having a hard time selling some its own unused properties. But the problem isn’t just finding a buyer, it’s getting through bureaucratic red tape.
Of the over 400,000 buildings owned by the federal government more than 75,000 of them are unused and many are up for sale. And even though some of the properties have been sitting vacant for several years collecting dust instead of revenue, buyers are having a hard time taking over the properties.
For example there’s a courthouse in Miami, Fl that hasn’t been used in nearly five years but still costs over a million dollars a year in tax revenue to maintain. There’s a neighboring college would like to buy it but federal red tape is preventing them being able to purchase the building.
The White House acknowledges the problem, admitting that it’s taking too long to sell unused federal buildings.