Two sides of a coin;
The funny thing is in Canada, we have a city like Vancouver that has opened its arms to very wealthy investors from overseas. The real estate agencies, the municipality and the province have done nothing to stop the waves of speculation, all of them, even a bunch of NDP governments kept stoking the fires of speculation. The result is that nobody in Calgary or Toronto wants to be transferred there, because unless you are a millionaire, you cant afford to buy anything there anymore. The rate is now estimated at 92% of median household revenue going to mortgage and home expenses. They have a hard time attracting upper middle class professionals, never mind regular folk. Detroit, barring all other social evils, has at least affordable real estate. But I cant imagine the municipality taking care of business if the tax base is continually eroded.