Detroit’s $250 million bond proposal on the Nov. 3 ballot calls for spending $260 million to demolish 8,000 blighted homes and using the rest to secure another approximately 6,000 homes.
What happens to the salvageable houses once the city spends around $15,000 each to temporarily preserve them from further deterioration? They’ll still need to be sold and then privately renovated.
Much of that process is yet to be solidified. There are several ways it could happen — or not happen.
The city envisions selling homes via auction to Detroit residents and helping community development groups undertake renovations, with a vision for getting them occupied within five years. But the success of these efforts depends on if the housing market can support them, how the properties are divvied up and to whom.
There’s a lot that hinges on this. It’s the difference between returning blighted homes to use, versus investing taxpayer