Detroit has been shrinking for decades. Even formerly strong neighborhoods are now 'at a tipping point with vacancy,' says a city planner.
This is the institutional blog of the Ludwig von Mises Institute and many of its affiliated writers and scholars commenting on economic affairs of the day.
Subscribe Today to the Monitor
Detroit city planner Karla Henderson, says, “What we have found is that even some of our stronger neighborhoods are at a tipping point with vacancy. Vacancy adds to blight and blight is a disease that takes over the whole neighborhood. So the sooner we can get those homes occupied, the better for the city.” That’s a tough prospect considering Detroit’s population has been halved since 1950.
But evidently the trimmed down police department requires new quarters so the city borrowed $100 million and to build a new station. Mayor Bing says, “The financial markets believe in what we’re doing to bring fiscal responsibility back to Detroit.”
The markets? “The city sold so-called Recovery Zone Bonds authorized under the U.S. economic-stimulus plan, borrowing at 4.55 percent,” Bloomberg reports.
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on the link above.