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A new wave of development is rippling through downtown Detroit.

"Walking around Detroit in 2008 or 2009 is not the same as walking around in 2022," said Ramy Habib, a local entrepreneur. "It is absolutely magnificent what happened throughout those 15 years."

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Detroit fell into bankruptcy amid auto industry globalization and local suburban sprawl.

The city bounced back by attracting new investments by awarding tax abatements to commercial developers while raising consumption and property taxes on residents.

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Local leaders have used tax and spending policies to advance economic development downtown. In July 2022, the Detroit City Council finalized a tax abatement for the real estate developer Bedrock to finance the $1.4 billion Hudson's site project. The abatement could be worth up to $60 million over its 10-year span. Bedrock is in a family of companies controlled by billionaire investor Dan Gilbert, who moved several of his businesses downtown in 2010.

LINK

I’ve always found it odd how many people on this board think of Detroit as the city it was 15 years ago and not the city it is today, and more than likely have never set foot in the city.

I don’t get it.

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Posted by Riverside

Member since Jul 2022

3073 posts

Posted on 12/17/22 at 1:03 pm to Paul Allen

Sounds like a mixed bag. The tax abatements for blighted properties are a great idea but I don’t like the notion of higher consumption taxes (dem euphemism for a sales tax) to spruce spruce up downtown Detroit, but then again, people get what they vote for.

And for the record, I’ve been to Detroit.

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