In Anticipation of a Detroit Bankruptcy
You’ve heard? So have we. Detroit’s financials are not in good shape. The City has reached its reckoning time. It’s high noon and the tumble weed is blowing, the locals are hiding in the saloons, and the creditors are standing waiting for the showdown. The City of Detroit can run and hide or it can face the ugliness standing across the way. Despite the City’s decision, you can rest assured we will be treated to months of Detroit Armageddon stories on CNN, CNBC, and all the other national media outlets. One decision is to accept a future with a financial manager, the other is Bankruptcy…in reality both will probably happen.
All of this uncertainty will lead many to question the prudence of moving to, investing in, or opening a business in, Detroit. Without a doubt many people, locally and outside of the region, are considering such moves. News of artists moving to the City, billionaires on building buying sprees, hipsters in bike-riding heaven and the success of some BBQ joint opened by some dude named Phil have been peaking the interest of people all over the globe. What to make of all of this when Bankruptcy is looming? When City financials are a mess? When the government can’t get their shit together?
What should be made of this conflicting news is this…it isn’t conflicting news. The stories of artists and businesses, hipsters and billionaires doing what it is they do should make clear that the redevelopment of Detroit is taking place on the backs of the residents and business owners of the City, not on the vote of some council member. Once again I stress that the actions of the many working in the neighborhoods far outweigh he inaction of those siting around a table at City Hall. Your effort is needed, little ‘ol you can make a difference. Your money and time will cause change. Your presence on the streets will change minds. Your investment in a property will open eyes. Detroit is arising from its slumber. Detroit is arising despite its elected officials, not because of them.