Detroit is buzzing because it’s gone through a complete and total deflation. Things are up because they went so far down, not unlike say… Argentina today or the rest of the US in 3-5 years.
Dead cat bounce.
Detroit’s revival takes shape after decades of decay
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Re: Detroit’s revival takes shape after decades of decay
#32I really thought the major "rust belt" cities were going to blow up after the big COVID WFH push. Why spend 2-10x as much to live in one of four coastal metros when you could get the same pay while living somewhere much cheaper. The biggest issue with these cities in the last 50 years has been a lack of high paying jobs and WFH tech jobs essentially negate that issue. There are a ton of American cities that have fall…
I live in Rochester NY, grew up in Buffalo. Housing markets here were nuts the last couple years, probably due to this effect (although laughable compared to SF I'm sure) and pent up demand. I'm not sure I really want it to "blow up" any more, although I'm not much of a big city guy - I like going to the same diner every Saturday and reading at home. Life is pretty good.
Re: Detroit’s revival takes shape after decades of decay
#33I really thought the major "rust belt" cities were going to blow up after the big COVID WFH push. Why spend 2-10x as much to live in one of four coastal metros when you could get the same pay while living somewhere much cheaper. The biggest issue with these cities in the last 50 years has been a lack of high paying jobs and WFH tech jobs essentially negate that issue. There are a ton of American cities that have fall…
The sun belt took wind out of their sails. And even they are starting to see softening demand. Miami just cancelled an A-class commercial high rise due to weak demand. In Austin, rents are tanking.
It’s very hard to revive a town or city when the tax base is way down. I thought Detroit was going to succeed but they simply have too much ground to manage with their revenue. And there isn’t a way to shrink a shrinking city.
Re: Detroit’s revival takes shape after decades of decay
#3430 miles West in Ann Arbor, there are tech gigs but not tons of them. If you are apart of the University of Michigan, there are tons of opportunities via the college and the groups there, but if not there aren't tons of openings. Detroit itself is an amazing city, but it isn't a tech hub, nor is it for everyone. It is the shell of the automotive companies that started to move their operations of out the country in th…
St. Louis is similar: you can walk from downtown to empty grass-filled blocks in about fifteen minutes.
My favorite story is the origin of the City Museum (which, shoutout to the City Museum, it's awesome). The City Museum building is in a former factory, it's about 11 stories tall and fills a city block. It's on the edge of downtown about a dozen blocks from the Arch. The artist behind the museum bought the building in the '90s for something like $700,000. That's a whole-ass industrial building, walkable from anywhere in downtown St. Louis, for under a million dollars.
Re: Detroit’s revival takes shape after decades of decay
#35I really thought the major "rust belt" cities were going to blow up after the big COVID WFH push. Why spend 2-10x as much to live in one of four coastal metros when you could get the same pay while living somewhere much cheaper. The biggest issue with these cities in the last 50 years has been a lack of high paying jobs and WFH tech jobs essentially negate that issue. There are a ton of American cities that have fall…
The sun belt took wind out of their sails. And even they are starting to see softening demand. Miami just cancelled an A-class commercial high rise due to weak demand. In Austin, rents are tanking. It’s very hard to revive a town or city when the tax base is way down. I thought Detroit was going to succeed but they simply have too much ground to manage with their revenue. And there isn’t a way to shrink a shrinking c…
Insurance premium increases have killed a lot of the housing cost advantage that Florida used to have.
Re: Detroit’s revival takes shape after decades of decay
#36I really thought the major "rust belt" cities were going to blow up after the big COVID WFH push. Why spend 2-10x as much to live in one of four coastal metros when you could get the same pay while living somewhere much cheaper. The biggest issue with these cities in the last 50 years has been a lack of high paying jobs and WFH tech jobs essentially negate that issue. There are a ton of American cities that have fall…
Weather is a thing, along with infrastructure.
Re: Detroit’s revival takes shape after decades of decay
#37I really thought the major "rust belt" cities were going to blow up after the big COVID WFH push. Why spend 2-10x as much to live in one of four coastal metros when you could get the same pay while living somewhere much cheaper. The biggest issue with these cities in the last 50 years has been a lack of high paying jobs and WFH tech jobs essentially negate that issue. There are a ton of American cities that have fall…
Most companies will cut your pay based on where you live, though.
You aren’t usually paid the same. That isn’t the norm.
Secondly and probably more important is there is zero guarantees that WFH will be supported by the work places they can support it will, we have seen a huge RTO surge. I’d hate to be in one of these cities and get that call.
If WFH opportunities had legal protections and incentives it’d be a different story I imagine
Re: Detroit’s revival takes shape after decades of decay
#38As a native (suburban) Detroiter (who departed 20 years ago), I don’t want to throw shade but articles like these rarely give a good sense of the size or scope of decades of decay. There are still miles (and miles) of apocalyptic looking neighborhoods. As a teenager, we had our pick of hundreds of abandoned warehouses to party (“rave”).
I'd love to see it flourish, and maybe if the area could get past its car addiction, I’d even want to call it home again one day.
*Removed inaccurate statement about the city’s size.
Re: Detroit’s revival takes shape after decades of decay
#39Earlier quoted context omitted.
The sun belt took wind out of their sails. And even they are starting to see softening demand. Miami just cancelled an A-class commercial high rise due to weak demand. In Austin, rents are tanking. It’s very hard to revive a town or city when the tax base is way down. I thought Detroit was going to succeed but they simply have too much ground to manage with their revenue. And there isn’t a way to shrink a shrinking c…
Insurance premium increases have killed a lot of the housing cost advantage that Florida used to have.
And Canadians have been shedding property in droves due to high cost (USD-CAD), your comment on insurance and general antagonistic policies at a Federal level.
Re: Detroit’s revival takes shape after decades of decay
#40I work at a hyperscaler, for autos, in Detroit. It’s the worst it’s been since 2020 imo. Stella is cost cutting and just lost their ceo, ford is attached to google, GM literally just left the rencen. The t1s are being canabalized. This article is a joke.
Everything in that long, Guardian article is true