If I were the king, I would fix Camden (and dozens of other grim urban districts around the country such as Detroit, north St. Louis, etc.) with the following plan: 1. Legalize drugs. Allow local municipalities to regulate and tax recreational substances. Boom. You have an instant local revenue stream, the police are suddenly out of the business of arresting people for "possession", and can focus more on violent crim…
I'm not sure about the impact of drug legalization on the local economies of these areas. Right now, the drug trade is actually one of the few sources of remunerative work available for unskilled people in these cities. You mention police arresting people for "possession" but the fact is that they have little time for that around here. There's enough dealers and traffickers to keep them busy. You think all those guys…
Cheap buildings aren't enough. You need a full stack, top to bottom, crash program to attract businesses and encourage local entrepreneurship. A special economic zone means low or no taxes for X years, little or no regulatory interference (e.g., zoning laws, architectural requirements, ethnic/gender hiring mandates, union lock-in, etc.), just basically leave them alone and let them build a business in a war zone. Of course, you can't simply suspend OSHA, ADA, and anti-discrimination laws, but if you can make it cheap enough to conduct business, the incentives will outweigh the danger and inconvenience and they will come.