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The Pillaging of Detroit
- rmason 4y agoI have never understood why what happened to Detroit has not been a national story. The city has gone from a primarily homeowner city to a renter one in a 14 year time span. A handful of well-connected insiders have gotten rich. Nothing illustrates it better than the https://www.goobingdetroit.com/ https://www.goobingdetroit.com/ blog. Between 2009-2015 one in three Detroit homes was foreclosed. It's an example of a government that is not working for it's citizens benefit but actively working against them.
- prirun 4y ago"Between 2019 and 2022, 579 of the 6,810 non-resident owners sold their properties for an average sale price of $53,000. That’s nearly a tenfold return on investment without assuming they were renting the property out during time of ownership. This means that within these three years, through homeowners losing their homes at tax foreclosure auctions, a little over $300 million dollars of wealth was eventually exported from Detroit homeowners to owners outside the city. " This doesn't seem to take into account that someone may have injected capital into houses to rehab them.