Big cities are dying. This should shock you.

[ultrarunner]

I've seen the decline of my city as middle-class fled and industry left...

In High School I would walk by abandoned homes the city was selling for $1 with the agreement you move in for 5 years and make 5k improvements which could be as simple as a new roof and paint... this was in the 70's

For decades commercial and storefronts remained boarded up...

The last 10 years truly amazing... long abandoned property and run down be renovated without grants or loans from redevelopment zones...

New businesses fighting for space and forgotten neighborhoods now sought after...

Those $1 homes now bring 500k

The last 9 months a disaster... crime rising, business shuttered...

Time will tell but Residential Real Estate has never been higher which defies logic...

 

[lilranch2001]

Your perception and my perception are obviously different

 

[ultrarunner]

Can you expand on your perception?

I realize interest rates are at record lows and quantitive easing created dollars seek safe harbor but it was just 10 years ago these same East Oakland neighborhoods lost 60 to as much as 80%... 500k to 100k and now hover around 700k for 1920's bungalows of 1050 square feet 3 bedroom and 1 bath...

 

[lilranch2001]

I hadn稚 seen your post when I answered Moss, yours had nothing to do with mine

 

[ultrarunner]

Appreciate the quick reply...

It does at times feel like a house of cards...

One thing I know is SF rents are down significantly and work at home is a factor...

 

[buck12]

Were you here in the 60's and 70's?

When I was a kid, downtown was bustling with two-way streets, many shops, restaurants, 5 theaters, department stores, etc... Town and Country shopping center in Mishawaka was the big shopping district that wasn't in a downtown. Scottsdale Mall was built, downtown businesses started moving out. They curved Michigan St. around the downtown area, blocked off Michigan St. and made it a pedestrian mall, and made all the streets one-way. It killed downtown.

They also did "urban renewal", the predecessor to gentrification. Where the main post office is now, that entire area was all houses. They knocked them down. The corner of Western and Chaplin was all houses. They knocked them down. Basically, the knocked down the worst neighborhoods and either put up office space or public housing.

I worked downtown for 30 years at the Newspaper. My wife also worked downtown at a financial institution for those same 30 years (still does). We got to watch downtown die. Now it's starting to come back, but it's like a revers donut. The hole and the outside are good, but the donut ring itself is rotten.

As the inside of the donut expands, the donut ring moves out, pushing the high-crime/low-income neighborhoods farther and farther out from the center.

The donut analogy is very accurate and could be used to describe many cities.

 

[goeduck]

In the Seattle experiment criminal law is being replaced by social programs. Soon it could no longer be illegal to commit many crimes if you are in need. In need being on drugs, mental issues, poor, etc. Crazy, they now have a complete segment of society on drugs and the city caters to them. No good prosecutors can run tough judges out. Crazy.

Seattle City Council mulls law that could result in dismissal of many misdemeanor crimes

 

[lman]

The last time I was in Seattle, I was not impressed with the numerous people that appeared to be homeless hanging out and obstructing pedestrians on the sidewalks. I vowed to never go back. Apparently the city leaders have no desire to promote tourism.

 

[Doofy]

My son lives there and says things are getting so bad and sad and he would like to move but to difficult with the Pandemic and all.

 

[two_bit_score]

Appreciate the quick reply...

It does at times feel like a house of cards...

One thing I know is SF rents are down significantly and work at home is a factor...

Saw an article today which said NYC landlords were beginning to get new tenants with rents dropping over the last 6months.