AgentMarkets & Economy

Forced relocation takes bite out of blight

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

A number of older East Coast and Midwest cities have experienced severely declining populations as traditional industries close down or move elsewhere around the globe. In so many ways, the loss of residents sits heavily on those who stay on, from a decline in services and educational opportunities for children to diminished tax rolls and boarded-up stores.It doesn't matter if you have a good job with high pay in a city that has been in decline -- it will still be a burden to your pocketbook because the value of your home has probably peaked and in some cities like Detroit, has been dramatically slashed. Even if you lived in a "good" area of a city like Detroit, home values can't be maintained as more and more of your neighbors go elsewhere looking for jobs. The question is, can't anything be done to help? My suggestion is a radical one. In cities where the loss of jobs has been so dramatic that residents have been moving away for decades, the city government ne...