Fundamentals of The Detroit Real Estate Apocalypse:
1) All real estate is actually worth $0, what makes it valuable is the jobs in the area.
2) Detroit has no jobs because it runs on the un-competative, bloated American auto industry that imploded a few years ago.
3) Many of the manufacturing jobs that were operating in detroit are gone because the unions have priced the labour out of the country.
4) Look at pictures of detroit 25 years ago (booming with industry) and compare them to now (Dangerous Ghost Town) vs Shenzhen China 25 years ago (Farmland) and now (Poised to become one of the leading cities in the world). All of the money and the labour have gone to the lowest bidder (aka asia).
5) Maybe it’s time to get competitive with labour again and abolish the unions and minimum wage to bring international competitiveness back to America?
See the Apocalypse below:
Photos: The Ruins of Detroit Photos – Photos – PlogThe Denver Post’s Plog is a collection of photo.blogs.denverpost.comUp and down Detroit’s streets, buildings stand abandoned and in ruin. French photographers Yves Marchand and Romain Meffre set out to document the decline of an American city. Their book “The Ruins of Detroit“, a document of decaying buildings frozen in time, was published in December 2010.