It is a good move. Public funds well spent. Seriously.
Seriously?
I agree - it can be a big risk buying an old building. Asbestos, old fuel tanks, lead paint, etc. Plus I imagine many of those old buildings are draw squatters and other undesirables.
And let the locals use the vacant lots as community gardens until a developer buys. Just make sure they understand that. But maybe that is impossible. “But you can’t put up a nice building here. This is our beloved Community Garden!!”
Baltimore under Mayor Schaefer started the “urban Homesteading” program. You could buy these houses for next to nothing. You had to renovate them and hold for 5 years. They were sold to individuals. That program revitalized huge sections of Baltimore, while preserving the neighborhood . What they are tearing down will be replaced by ugly high rise crap.