detroit's problem: poverty, not gentrification jamal hamade monday, march 31, 2014 economics...
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Detroit's Problem: Poverty, Not Gentrification
Jamal HamadeMonday, March 31, 2014
Economics 5520State and Local Public Finance
By: Laura BermanDetroit News
Gentrification is a Shift in an Urban Community Toward Wealthier Residents and/or Businesses and Increasing Property Values
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$121 Per Person Restaurant to Open in Southwest
Not Main Presentation But Plays as Introduction Theme
Goldfinch American• Concept Location is a Gritty Neighborhood
Surrounding Landmarks:• Laundromats• Taquerias
• A Beautiful Park (Quirky)• Abandoned FortressesArticle Says, “…Verges on Parody…”
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Now For the Main Presentation
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Brookings Institution Sprinkles Hard Numbers
• Of the Nation’s 50 Largest Cities, Detroit Ranked 14th in Income Inequality• Detroit Has the Poorest Low-Income Residents• The Least Affluent at the High End
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An Attempt to Put it Into Perspective
Compare with Other Major Cities Across the Nation: Top 5 Percentile
• San Francisco: $353,576• Raleigh, N.C.: $199,000• Tulsa, O.K.: $183,407• Indianapolis: $150,000
DETROIT: $101,620At Least the City’s Top Is Raking In Over 100KDETROIT’S BOTTOM IS UNDER 10KThe Poorest In The Nation
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Deputy Director at the Brookings Institution
To Echo His Comments, Alan Berube:
“Detroit Desperately Needs an Infusion of Working People Whose Salaries Enable Them to Pay Property Taxes for the Services All
Detroiters Need.”
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To Make Sense In Public Finance
Resident’sIncome
0 CityServices
As Residents IncomeIncreases the More TheyCan Pay in Property Taxes.Not To Mention, WhenTheir Income Rises, TheMore Reliable That TaxPayments Are Made.
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“Other Cities Have Poverty But They Also Have High-Wage Jobs in Health Care, Law, Finance and Media — Jobs That Detroit Lost Over Decades.”