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Originally Posted by Hayward
Excellent work! I was back home for a visit in Detroit. Every time I come back, something has changed for the better. This visit was perhaps the most encouraging and I know there are some big things to come.
I get what your saying. And you're right that Detroit makes sense for people who want to maximize their creative potential. In fact, I'd personally love to start a business in Detroit. However, the bold part above is important to note.
Solid housing bones may not be all that true. It's a weird situation. Renovated property is extremely expensive. It's equivalent to downtown Chicago rents. There's so little renovated property because the banks aren't lending that you have a short supply at skyrocket rents. Then you have your average vintage apartment. But young professionals and students have already picked alot of that up. What you're left with is alot of property in disrepair....ALOT. Or...maybe a home is in reasonable condition and on the market for cheap but is very pricey to heat and maintain. My friend bought a larger brick home in Detroit that is $1000/month to heat!
So that's why you aren't seeing this huge gold rush crowd to Detroit. There's a severe housing shortage in Detroit. "Water, water, every where,: Nor any drop to drink" right? There just needs to be a bigger push toward affordable housing. Or maybe some collectives to rehab homes. But it all takes confidence from banks and some really organized and ambitious people (like Dan Gilbert). I hope that time will eventually come.
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There's not a housing shortage, it's a people shortage. Jobs shortage and too much crime. The east side/near east and even downtown STILL have empty buildings and vacant blocks availiable for building but no one wants to move into a high crime area or be the only one occupying a block, not to mention the looting of buildings AS they're being built.
When I lived there you could buy a house for $1 and assume property taxes but that was Brightmoor.
No comprehensive mass transit, too much crime, the bipolar nature of the auto industry...
I lived in that apt. bdg. for a few years and the building behind it is still abandoned, the building next to it was renovated but on my trip 2 years ago it was still unoccupied and had a broken front window.
Now they did build low rise condos at the end of Palmer and down John R. and a little crappy in fill "lofts" on Woodward but they are built suburban family style and not built for density or affordable creative hipster types that would move without a car looking to do a start up business.
Detroit is stuck, they need people to move there so people will move there.