Another interesting article on Detroit housing.
I don't actually think that foreign and out-out-of town investment is such a great thing. External investors tend not to care much for their properties, particularly as landlords. There's no real relationship with the tenants, which pretty much means it's just about money for the landlords and end up just being a miserable relationship for the people in the house. Not that I actually know anything about this subject. That's all kind of conjecture based on a very small sample size and a basic understanding of human nature.
HT: Elliot.
1 comment:
From an economist's point of view, out of town investment might not be as desirable as home-based investment, but in a place where properties are lying vacant, it's better than no investment. Since Detroit has lots of vacant properties, the outside investors probably aren't driving prices up much for locals, and they are injecting capital into the local economy, which is much needed.
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