Baltimore InnerSpace: Mortgage Redlining

Showing posts with label Mortgage Redlining. Show all posts

February 26, 2009

Redlining

CITY COUNCIL MEMBERS ENCOURAGE MORTGAGE REDLINING

The Baltimore City Council is now considering a bill that would radically change the foreclosure process on city mortgages. Back in the bad old days, there was an ugly word to describe situations in which the mortgage process was treated differently in one place than another - redlining.

Back then, redlining happened because of racial discrimination. Now, it is being embedded into the law. Back then, the problem was not enough mortgage money flowing to redlined areas. Nowadays, the problem seems to be too much mortgage money - flowing in a speculative financial climate where borrowers get mortgages too easily.

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"THE AMAZON LINE": METRO EXTENSION FROM HOPKINS HOSPITAL TO BOENING/HOLABIRD TRADEPOINT ATLANTIC

Today's Sun (Sept 27, 2017) just announced "the final phase of negotiations" for a second regional Amazon distribution center at TradePoint Atlantic - the gigantic commercial center being built on the old site of the Sparrow's Point steel mill.

Amazon's first center was built on Broening Highway south of Bayview. The city, state and Kevin Plank's Sagamore Development are also preparing plans to attract Amazon's second corporate headquarters to Port Covington next to Under Armour in South Baltimore. Sagamore is also building its own distribution center for Under Armour at TradePoint Atlantic.

The future of Baltimore's economic development is thus unfolding: Centralized urban corporate campuses and suburban port-related distribution to the east.

This comes a week after venture capitalist and former mayoral candidate David Warnock wrote in the Baltimore Sun of the need for an overarching economic development strategy to take advantage of the strong geographic position these types of developments offer Baltimore.

Two of Mr. Warnock's five "key initiatives" were rail transit lines proposed first here to get workers to and from these city and suburban developments - A west Red Line converging on the existing Metro and light rail lines at a Lexington Market Hub, and a Metro Extension eastward from Hopkins Hospital that would serve all three existing, planned and proposed Amazon and Under Armour distribution facilities.

In turn, a spur from the central light rail line southward into Port Covington has become a key element of their adopted plan now in development.

So just as this economic strategy is unfolding, a strong rail transit structure to serve it is also emerging: Lexington Market would be the comprehensive central hub. The heavy rail Metro would be the high speed, high capacity spine from Owings Mills to Sparrow's Point (and also White Marsh), and the central light rail line would provide additional branches to Port Covington, BWI-Marshall Airport, Hunt Valley and other nearby points.

The Metro is sufficiently fast and high capacity to be extended well into the suburbs. The central light rail line is sufficiently flexible to accommodate light rail and streetcar spurs to key economic development areas.

And all of it can be built in small economically manageable segments.