Housing Shortage in Detroit (real estate, apartments, rental)

[animatedmartian]

Citiwire.net » Housing Shortages in Detroit?

Yuppies want to move in, but there's nothing to move in to. Banks aren't giving out loans for projects in Detroit. Not enough vacant properties are being renovated to keep up with demand. And so far the only solution has been to give out massive subsidies which isn't exactly sparking a development boom nor will be healthy in the long term (those subsidies expire, don't they?). What is there to do when there's finally demand for housing in Downtown Detroit?

[Kid wave]

There's a abundance of vacant homes that one could easily get with about 4 grand cash and I'm talking a nice brick home

[313Weather]

Originally Posted by animatedmartian

Citiwire.net » Housing Shortages in Detroit?

Yuppies want to move in, but there's nothing to move in to. Banks aren't giving out loans for projects in Detroit. Not enough vacant properties are being renovated to keep up with demand. And so far the only solution has been to give out massive subsidies which isn't exactly sparking a development boom nor will be healthy in the long term (those subsidies expire, don't they?). What is there to do when there's finally demand for housing in Downtown Detroit?

Housing shortages?

No...

Maybe in DOWNTOWN Detroit (more likely apartment shortages), but not in DETROIT.

I drive by hundreds of vacant properties everyday.

But in any event, this is one reason why Detroit's "comeback" will eventually stall. The credit lines are still frozen. If folks were this enthusiastic about Detroit maybe 20 -25 years sooner (just as the real estate boom was kicking in), we would probably have a good problem right now instead.

[Retroit]

There are plenty of vacant buildings downtown and midtown that can be converted/renovated into housing. When the demand is there at the right price for a developer, the supply will catch up.

They call it "capitalism". (I know, it's a bad word.)

[valerielukas]

I am lucky to got this thread, since I am going to shift to Detroid after marriage. Hope to get good house there with less price.
(signature edited)

[ProgMichael]

I think the issue is "yuppies" don't want to buy a house (for $10k, $500, or $1) and then pump thousands of dollars into it and spend time on labor. We're moving into an age where people want to live in the city (young professionals and retirees), but they want to live in condos and apartments. Want to be above street level, have limited space in which to clean and maintain, and have a social life within the realm of their household.

Any chance a bunch of entrepreneurs could get together and turn Central Station into apartments? Corktown is 100% occupied for rental units and it has quick access to downtown? Can we get a million people to chip in $1,000 apiece?

[Retroit]

Originally Posted by ProgMichael

Can we get a million people to chip in $1,000 apiece?

Uhhh... No!