This is not so preposterous an idea:
DETROIT—Detroit, a former industrial metropolis in southeastern Michigan with a population of just under 1 million, was sold at auction Tuesday to bulk scrap dealers and smelting foundries across the United States.
Selling the assets of a failed city is a reasonable proposal. Consider the fate of New Orleans. Certainly, elements of the city should be saved - the historic district and any areas otherwise deemed noteworthy. But to resurrect the entire sprawling metropolis, most of which should never have been built, is not a testament to human perseverance, but a chronicle of asinine decision making. At a bare minimum, rebuilt homes in flood prone areas
should be constructed to weather future floods. But what good is a house above the flood level when everything surrounding it is flooded? If you live in such an area, it is likely surrounded by water and by necessity, connected with bridges, many of which are likely compromised in a flood - washed away even. So rebuilding your home in the flood prone area gets you an island the next time around. The insurance company is happy, but you're still literally up sh*t's creek without a paddle.
1 Comments:
Not only is it not preposterous, it's true.
I use to do alot of real estate research for Wayne County, Michigan and Detroit for my prior job. About 4 out of 5 times, the subject property had unpaid property taxes, sometimes for several years.
Conceivably, large chunks of Detroit slums could be foreclosed on at any given time. This does not happen because (1) Doing so would uproot the a good amount of the city population, and (2) Nobody wants the property.
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