All Topics / Overseas Deals / Chicago Could be the Next Detroit?
At least, that's what some claim – http://www.salon.com/2013/08/10/what_happened_to_detroit_could_happen_to_chicago_partner/?source=nenewsletter
thoughts?
Ziv Magen- Manager, Asia-Pacific
NTI – Global Real Estate – Japanese Property
Ziv Nakajima-Magen | Nippon Tradings International (NTI)
http://www.nippontradings.com
Email Me | Phone MeZiv Nakajima-Magen - Partner & Executive Manager, Asia-Pacific @ NTI - Japan Real-Estate Investment Property
No Chicago will not be "next Detroit".
Chicago has plenty going for it, and is a much more diverse economy that Detroit's has ever been.
Lastly, at some point in the future, with the predicted need for fresh-water increasing, (due to changing weather patterns), the Great Lakes region will likely be in high demand. Though admittedly that may be a 50+ year out scenario.
I agree with most of those postings on the actual article.
First you have to realise that Detroit pre 67 riots had a series of tensions due to race issues bubbling under the thin veneer of civilisation it put on.
And after the 67 riots there was an intense effort at 'appeasement' by Democrat factions to reduce the 'oppression' felt by blacks in the city.
Chicago has issues yes, but they are neither the same issues .. nor can they be dealt with in anywhere near the same way.
America as a whole needs to grab a backbone .. stand up to union demands and make itself a place where business, manufacturing and research take place.
As such it has a very limited timeframe in which to do so.
Maybe less than 15 years. After that it will be classed as irrelevant by other nations, the loss of its superpower status will be guaranteed and business .. finance and investment will happen elsewhere with the resulting benefits and remuneration systems happening elsewhere.
Not inevitable .. just most likely to happen due to the intense infrastructure for failiure that America has been so busy setting up.
there are many neighborhoods in chicago that are just as bad as detroit,, but it will never be a wasteland like Detroit
I agree Chicago is a hub and is far better than Detroit.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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