Detroit now under the control of a financial manager, half a step out of bankruptcy.
 

Sauce: Bankruptcy lawyer tapped as Detroit emergency manager - Mar. 14, 2013



Well then. This could be interesting. The beginning of the second dip in the Great Recession?

I don't think this would be the second dip since they have been having issues for a while. What other citys in the US are having these same problems tho? I'm thinking NO?

Detroit ain't so bad. Atleast houses are cheap. Here's a beauty...

12791 Hampshire Street, Detroit, MI 48213
3 bed, 2 bath, 1200 sq ft. = $7000 <--- :woot2:


12791 Hampshire Street, Detroit MI - Trulia

I wonder how much bullet proof windows cost

people shouldn't be so afraid of the term 'bankruptcy' it just means the entity can't pay its creditors.

i'm not exactly sure what it means for a city, but creditors normally come in, take assets and walk away - not sure what assets they can take from the city, but what it will mean is in the future, costs to borrow go up, way up, as risk has gone up of a default.

now, bankruptcy protection (chapter 11 in the US), just means a court gets involved, allows the entity to reorganize itself without the risk of creditors coming and calling their debt... detroit is almost there, but not quite. i would be really interested in seeing what this guy can do... just imagine if he could, over a period of time, reverse the outflow of people from detroit... i'd certainly be interested in picking up some multi family units for $10K in that case (this coming from an experienced investor in US real estate)

funny how most of the properties posted above are owned by 1 entity, all bought for $2-3K, now trying to sell for $10K (was 12K for most until recently)

It'll definitely be very interesting to watch what happens over the next few months. The Unions are absolutely going to hate this but they unfortunately don't have much of a choice right now.

this is my FAVOURITE part of this - he has ALL the power... and detroit needs a dictator for a short while

sink or swim - in dire times, democracy isn't the answer

kudos to detroit for having the balls to do this, sorry commie unionists, but you had it too good for too long at the expense of your city!

:lol click on the crime tab

and Quitclaim deed - Wikipedia, the free encyclopedia

etc etc etc

I don't know whats going on with the US economy... Stocks are hitting all time highs, unemployment numbers are getting better, yet you still hear of issues that are related to a recession.

Should just declare bankruptcy and start everything fresh

Damn! :eek:

:lol

To be perfectly honest, crime needs to be the first issue to get addressed. Detroit is actually a really nice city, but plenty of people refuse to go there simply based on the crime stats alone. Reduce your crime rate, make it safer for businesses and their employees to move into the city, and you've got half the battle right there.



Yes, I realize it's more complicated than that, but that's the gist of it.

^but the argument can be that you cant reduce crime without increasing the standard of living. which you cant do without.... you guessed it, jobs. now how do you create jobs? that is the question all of america has been asking for 5 years. it isn't a simple problem.

crime isnt the problem, crime is the result.

Oh absolutely. It's your typical Catch-22 situation. Can't create jobs while the crime rate is so high... but you can't tackle the crimes occurring without the tax base to support the policing. And where does that tax base come from? You guessed it - new businesses!


Like I said, my last post was overly simplified. :p

said from someone who likely does not have a good history with business.

declaring bankruptcy is not a great idea at all, going into protection is fine, as long as they can come out stronger.

this is the final chance to avoid bankruptcy

don't you remember that the greatest recession since the great depression happened just 4 years ago?!

how quickly memories fade. that kind of recession doesn't just get done and dusted, some areas get fucked over.
detroit was in trouble before 2008/2009, which made things way worse... but they were always on a downwards trajectory since the 50's.

population growth is one of the most important factors to a healthy, growing, vibrant economy. detroit has had over 50 years (i believe off the top of my head) of population fall, from approx 2 mil to 1 mil - what's shocking isn't the 1 mil fall, it's the 1 mil fall plus the lost additional growth (the US as a whole has probably grown 3% per year or so in population (i'm guessing here, i could check, but i'm not going to))

Worst game of Sim City ever.

Fuck man, looking around that area in Google maps, almost all the houses are abandoned...

12791 Hampshire St, Detroit MI - Google ƒ}ƒbƒv

:heckno:

they should just turn those derelict neighborhoods into organic farms

Houses for 2 mil ppl, occupancy of 1 mil says it all

Imagine turning a 10 by 10 neighbourhood into a huge paintball course, would be awesome!

It's a combination of a lot of stuff. They've issued bonds in 2008 years to pay for things. Now, their loan payments are cutting into their budget. They've had to cut police services because they can't afford them - which isn't helping their crime problem. Roads aren't being fixed, there are blocks where all the street lights are burnt out and they can't afford to fix any of them. They're trying to decrease the size of the city boundaries so they are responsible for less.... Detroit isn't a good place to be right now.

I'm going there in December hah
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wonder how the Google employees feel strolling around those abandoned neighborhoods taking pics for Google maps..

It pretty much is right now... except instead of paintball they use real guns :fuckthatshit:

I can run my Simcity better than they run Detroit. Maybe I should apply to be city manager.

Hard to believe this was Detroit not too long ago.
Everyone pretty much moved to the 'bubrs.