This is disappointing news, but I still have a lot of hope for Detroit. The desert southwest is running out of fresh water due to climate change and over-use. Las Vegas, Phoenix, Los Angeles, even Atlanta, they're all unsustainable. If they're unsustainable, eventually they have to stop.
Detroit, and other cities in the rust belt, generally have plentiful fresh water, not to mention natural infrastructure waiting to be re-used (harbors, rivers, etc). If I was making a 100 year bet, I wouldn't bet on Vegas, I'd bet on Detroit.
Why is it disappointing? 237,000 people left a terrible region with few prospects in search of something better. Most likely they are better off where they are now.
If Detroit dies, but the people living formerly living inside it are better off, isn't that a good thing?
"Las Vegas, Phoenix, Los Angeles, even Atlanta, they're all unsustainable." What? Where did you get this information? I live it Atlanta and although we did have a drought a couple years ago, we've also had record rainfalls since then. Water issues in these cities can be rectified by increasing the price of water. As the price of water increases the excess use of water drops off (pools, yards, etc.) and the opportunity to innovate in water delivery and reclamation increases.
I agree. In the long run Detroit has potential. But before they can make any economic strides they need to fix their bloated corrupt city government.
If you want to make a real 100 year bet on Detroit, buy some real estate now, it has never been cheaper. In some places you could buy an entire city block for a few grand. You could will it to your grandchildren. I've considered it, but haven't convinced my wife... yet.
Problem is that while the real estate is cheap, the taxes are not. There's also the potential liability of owning land you have no ability to monitor and maintain.
It's city, not agricultural terrain. There's a good chance sometime in the next 20 years the city authorities will force you to invest in it. Maybe even immediately.
But the biggest reason I haven't done it is the city government. The above reasons not to invest in Detroit are clear - taxes, unknown assessments, liability. Allowing some of the land to go fallow or zoned agricultural or a long property tax holiday would help tremendously. The most expensive thing about living in Detroit are the taxes and the regulation if you can live through the crime.
Comments
This is disappointing news, but I still have a lot of hope for Detroit. The desert southwest is running out of fresh water due to climate change and over-use. Las Vegas, Phoenix, Los Angeles, even Atlanta, they're all unsustainable. If they're unsustainable, eventually they have to stop.
Detroit, and other cities in the rust belt, generally have plentiful fresh water, not to mention natural infrastructure waiting to be re-used (harbors, rivers, etc). If I was making a 100 year bet, I wouldn't bet on Vegas, I'd bet on Detroit.
Why is it disappointing? 237,000 people left a terrible region with few prospects in search of something better. Most likely they are better off where they are now.
If Detroit dies, but the people living formerly living inside it are better off, isn't that a good thing?
"Las Vegas, Phoenix, Los Angeles, even Atlanta, they're all unsustainable." What? Where did you get this information? I live it Atlanta and although we did have a drought a couple years ago, we've also had record rainfalls since then. Water issues in these cities can be rectified by increasing the price of water. As the price of water increases the excess use of water drops off (pools, yards, etc.) and the opportunity to innovate in water delivery and reclamation increases.
I agree. In the long run Detroit has potential. But before they can make any economic strides they need to fix their bloated corrupt city government.
If you want to make a real 100 year bet on Detroit, buy some real estate now, it has never been cheaper. In some places you could buy an entire city block for a few grand. You could will it to your grandchildren. I've considered it, but haven't convinced my wife... yet.
Problem is that while the real estate is cheap, the taxes are not. There's also the potential liability of owning land you have no ability to monitor and maintain.
It's city, not agricultural terrain. There's a good chance sometime in the next 20 years the city authorities will force you to invest in it. Maybe even immediately.
Rockefeller didn't listen to his wife :)
Yeah, I ain't Rockefeller.
But the biggest reason I haven't done it is the city government. The above reasons not to invest in Detroit are clear - taxes, unknown assessments, liability. Allowing some of the land to go fallow or zoned agricultural or a long property tax holiday would help tremendously. The most expensive thing about living in Detroit are the taxes and the regulation if you can live through the crime.
it is disappointing news, maybe if people quit calling it the rust belt that we be a nice place to start.