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Youngstown Council OKs Law to Prevent Predatory Land Contracts - WKBN

The largest crowd in recent memory showed up at Wednesday night's Youngstown City Council meeting, then cheered when a new law regulating land contracts was passed.

Every seat was filled, many were standing and some were even in the hall -- about 75 people.

The vast majority were in support of the law regulating land installment contracts specifically aimed at predatory lending.

"As we know, predatory lending not only blight our neighborhoods, but they put the most vulnerable of our citizens in our community at risk," said Dr. Rosie Taylor, ACTION (Alliance for Congregational Transformation Influencing our Neighborhoods) board member.

house on E. Lucius Avenue, which has since been demolished, was used by the Youngstown Neighborhood Development Corporation as an example of how companies like Vision Property Management, of South Carolina, would advertise uninhabitable houses for $12,000.

"The purchase prices of some of these properties are exorbitant. They're ridiculous," said Youngstown Pastor Derrick Anderson. To read the full story from WKBN, click here.