Motown's blues
Back in May about the exploits of Detroit Mayor David Bing鈥檚 right-sizing of the motor city.
Mish has provided a including Bing鈥檚 latest plan: 鈥渢o cutoff city services including road repairs, police patrols, street lights, and garbage collection in 20% of Detroit.鈥�
Detroit city planner Karla Henderson, says, 鈥淲hat we have found is that even some of our stronger neighborhoods are at a tipping point with vacancy. Vacancy adds to blight and blight is a disease that takes over the whole neighborhood. So the sooner we can get those homes occupied, the better for the city.鈥� That鈥檚 a tough prospect considering Detroit鈥檚 population has been halved since 1950.
By the way, if vacant homes are the problem reportedly America has .
But evidently the trimmed down police department requires new quarters so the city borrowed $100 million and . Mayor Bing says, 鈥淭he financial markets believe in what we鈥檙e doing to bring fiscal responsibility back to Detroit.鈥�
The markets? 鈥淭he city sold so-called Recovery Zone Bonds authorized under the U.S. economic-stimulus plan, borrowing at 4.55 percent,鈥� Bloomberg reports.
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