CAR and BG, Detroit has lost population, but not jobs. Non-farm employment is just over 1.8 Million, nearly the same as it was in early 1990s (probably about a 50K decrease).
Even then, nice houses in safe neighborhoods were $30,000 or $40,000. And still are today and often far lower. The burbs, just fine, in spite of all those lost union jobs…
I’m not saying the bad economy is due to lack of RE investors, nice straw man argument. I’m saying the complete collapse of housing is due to nobody, not even investors, wanting to buy. This is in spite of the fact that in the general area, payroll is the same as it was in the early 90s. Yet population has shifted from Detroit.
BTW, I worked with those righteous auto-workers. Management was inept in tolerating the union bullsh*t on top of all the other stupid mistakes management made. I’ve literally seen entire assembly lines shutdown and the workforce stand and pick this backside while they wait for a union electrician to show up and push a reset button on a test spot. Everybody knows you push the reset button, but nobody does cause it’s an instant grievance. Woo-hoo! the lines down.
Well, looks like a whole lot of lines are down now. I’ve worked there, the union workers have reaped what they’ve sowed.
I know what killed Detroit’s industry, I lived in it. Inept management and a bunch of workers that took joy in ‘sticking it’ to the man by messing with the company and their products.
Top management needing $!00 Million pay days and line workers that are disgruntled at making $70,000 to put tires on.
