Few articles address the
fact that Detroit is surrounded by some of the richest counties in America, though
Secretary Robert Reich did address this. Are some of those residents holders of Detroit bonds? Of Detroit land (for future development
once they clear away those pesky poor people)? Follow the money...
The "Money" is not at all
convinced that Detroit is toast.
Several prominent speculators are already salivating over opportunities
in a city designed to hold 2 million that currently holds 700,000. See here:
Battelle (Twitter, @johnbattelle),
Founder, Executive Chairman and CEO of Federated Media, and also Founder of
OpenCo (hosting a Detroit startup event on
September 11), believes that the spirit of the community will lead people
to rally and become better.
Detroit is a shining example of how the people and innovative companies of a
city are routing around bureaucracy and old thinking to re-imagine what can
happen when a community pulls together around shared values.
Allen , Founder and President of Peter
Allen and Associates, an expert in the Ann Arbor, Michigan property market
and adjunct University of Michigan faculty member, believes that the bankruptcy
will restore a sense of certainty to the Detroit real estate market after years
of uncertainty. "Uncertainty is bad for real estate with its long term
investment horizon," Allen said. "Banks and investors need to see 3-5 years out
Allen is bullish on Detroit right now despite the bankruptcy filing. "Now is a better time to invest in Detroit than two
days ago. And it was a fantastic investment time even then."
So, people who are paid to
know, argue that there is value in Detroit, even now.
Who are we to argue?
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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.
His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
Scott is a former President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of articles for (more...)
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