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In much of the North and Rust Belt of the US, houses declined in real dollars between the heydey of the mid-20th century and now. Detroit is a good example.
by smt88 4y ago
In much of the North and Rust Belt of the US, houses declined in real dollars between the heydey of the mid-20th century and now. Detroit is a good example.
- hiptobecubic 4y agoOk but didn't Detroit like... collapse? Not every city is an economic monoculture of an industry that was offshored.
- smt88 4y agoA lot of smaller cities are close enough to monocultures. If Disney pulled out of Orlando, for example, the housing market would implode. Even if only 10% of the jobs are taken by a single company or industry, losing that is sufficient to stop price growth.
- ekianjo 4y agobad example because Detroit became a shithole with no job opportunities. of course housing goes down if the area around it becomes a living hell.