Gilbert Announces $500M Revitalization Effort for Detroit Neighborhoods

[mikeg19]

If anyone was wondering if he was slowing down, he's not. Not a ton of detail in the DetNews article, maybe Crains will have more, but a huge investment in the making over a 10 year period.

https://www.detroitnews.com/story/ne...ds/6994554002/

[jmpatrick]

bravo

[Gistok]

Great to hear from Dan Gilbert, the proverbial "patron saint of Detroit".

Unfortunately for the lucky homeowners of the city, this is only a temporary fix to a systemic problem with not only very high property taxes in the city, but also the way the tax foreclosure scenario works.

If you are unfortunate enough to be in either forfeiture or foreclosure status, the state of Michigan makes it even more difficult to get your property out of those statuses. Few people know that the interest penalty on homes in those statuses can have an interest rate as high as 18% annually... a rip-off rate that almost guarantees tax foreclosure for homes in trouble. The state legislature needs to address that issue in order to help people out of this situation. A lot of homes were lost during the great recession of 2009, thus turning the city even more into rental property for out of state and overseas absent landlords. It looks at least that some attempt is being made to correct this madness during the pandemic crisis.

Otherwise the rich keep getting richer and the poor keep getting poorer. And Detroit neighborhoods will continue to spiral downwards, with a few pockets of good neighborhoods.

[angry_fred]

Great to hear from Dan Gilbert, the proverbial "patron saint of Detroit".

Unfortunately for the lucky homeowners of the city, this is only a temporary fix to a systemic problem with not only very high property taxes in the city, but also the way the tax foreclosure scenario works.

If you are unfortunate enough to be in either forfeiture or foreclosure status, the state of Michigan makes it even more difficult to get your property out of those statuses. Few people know that the interest penalty on homes in those statuses can have an interest rate as high as 18% annually... a rip-off rate that almost guarantees tax foreclosure for homes in trouble. The state legislature needs to address that issue in order to help people out of this situation. A lot of homes were lost during the great recession of 2009, thus turning the city even more into rental property for out of state and overseas absent landlords. It looks at least that some attempt is being made to correct this madness during the pandemic crisis.

Otherwise the rich keep getting richer and the poor keep getting poorer. And Detroit neighborhoods will continue to spiral downwards, with a few pockets of good neighborhoods.

He needs to set up a nonprofit that helps homeowners fight back on property tax assessments

[Satiricalivory]

It's a fix to a mostly temporary problem that is the Covid crisis. The city had little foreclosures right before then. Nearly all Detroit neighborhoods have consistent property value increases, hardly "spiraling" now.

Also he's wiping out back taxes, this is huge. It's going to give a lot of people a fresh start and bring them stability from now on.

Although it's clear the city needs property tax reform.

[DetroitSoldier]

Lots of Dan Gilbert critics out there, but very few of them will lend 20 bucks to help struggling Detroiters, let alone millions like Dan Gilbert.

[ABetterDetroit]

Dan Gilbert’s generosity for bringing badly needed financial help and attention to one of the leading causes of blight and economic insecurity to citizens in the neighborhoods of Detroit can not be overstated.

Hopefully by this act he is kick starting the ending of insanely stupid, economically crippling property tax rates and policies that have been a major contribution to destroying the residential property values and housing stock in Detroit.

It’s a shame that it takes the charity of a wealthy man to help clean up a mess that Lansing politicians inflicted and have continually ignored for decades.

[softailrider]

Dan Gilbert is a brilliant guy. However, his comment that property taxes caused the majority of blight in Detroit was not a brilliant comment.

[ABetterDetroit]

Dan Gilbert is a brilliant guy. However, his comment that property taxes caused the majority of blight in Detroit was not a brilliant comment.

I respectfully disagree.

I think that having a “brilliant” business man who clearly assembles highly qualified individuals from the private sector to analyze what the economic problems are in the Detroit neighborhoods with the goal of creating growth and capital investment in the city is exactly what was desperately needed here. It should not be ignored that Mr. Gilbert most definitely has a dog in that fight.

We have no shortage of dumb assed politicians who do nothing but pander votes with ancient rhetoric and finger pointing who could care less about making this state economically competitive and stopping the hemorrhage of people and wealth. That crap has been going on for far too long around here leaving only failure in its wake.

[K-slice]

The cynic in me says the majority of people aren't delinquent on taxes because they can't afford them, but because they see not doing so as a protest against society, the "man", perceived inequality, etc. They'll gladly take the handout, call Gilbert a sucker, and continue not paying.

I hope I'm wrong, and there are certainly many people who are actually in need, I'm just worried this cash is ill applied.

[Seven&wyo]

The cynic in me says the majority of people aren't delinquent on taxes because they can't afford them, but because they see not doing so as a protest against society, the "man", perceived inequality, etc. They'll gladly take the handout, call Gilbert a sucker, and continue not paying.

I hope I'm wrong, and there are certainly many people who are actually in need, I'm just worried this cash is ill applied.

I’m on the same level as cynic as you, but in my opinion those same people are too stupid to get a mortgage, much more understand how to make money with real estate. The people you’re talking about drive in cars they can’t afford.

[Gistok]

The cynic in me says the majority of people aren't delinquent on taxes because they can't afford them, but because they see not doing so as a protest against society, the "man", perceived inequality, etc. They'll gladly take the handout, call Gilbert a sucker, and continue not paying.

I hope I'm wrong, and there are certainly many people who are actually in need, I'm just worried this cash is ill applied.

I bet you would be surprised that when it comes to Pandemic job loses in the service industry [[for many of them), that food and utilities come ahead of property taxes. I'm sure that Dan Gilbert and his home ownership acumen will be able to determine who among the needy is most worthy of tax assistance. After all his company knows a "red flag" among those who apply for assistance. He should be able to weed out the con artists among them.

[Satiricalivory]

The cynic in me says the majority of people aren't delinquent on taxes because they can't afford them, but because they see not doing so as a protest against society, the "man", perceived inequality, etc. They'll gladly take the handout, call Gilbert a sucker, and continue not paying.

I hope I'm wrong, and there are certainly many people who are actually in need, I'm just worried this cash is ill applied.

What?!? What a colossally bad take.

Yeah let me just lose my house and all my wealth and generational wealth for funsies and to stick it to the man! tee hee!

I think you might be a little detached from reality.

[K-slice]

What?!? What a colossally bad take.

Yeah let me just lose my house and all my wealth and generational wealth for funsies and to stick it to the man! tee hee!

I think you might be a little detached from reality.

Owning a home in Detroit is default "generational wealth"? Who's really detached from reality?

I'm obviously not talking about the minority of homes in the city in very stable neighborhoods with recognizable names. I'm talking about the run down bungalows, the pre-war vernacular with tarps nailed to the roof, the duplex with only one occupieable space, and so on.

These homes, many owned outright for years, don't represent wealth to their owners due to the condition and location of the house. Drive through the far east side neighborhoods, or any number of blocks scattered thrghout the city and you'll see the same situation.

[ct_alum]

What?!? What a colossally bad take.

Yeah let me just lose my house and all my wealth and generational wealth for funsies and to stick it to the man! tee hee!

I think you might be a little detached from reality.

Exactly. "Sticking it to the man" is a phrase straight out of the late 60's. I doubt anybody in the homeless shelters today brags about how they "stuck it to the man" by losing their homes.

[401don]

I've read that a lot of homes have been bought up by investors who in turn rent them. They don't pay taxes until the house is eventually foreclosed. The tenants, through no fault of their own, are then forced to vacate. Hopefully they are careful determine that only owner occupied homes are helped out with this program.

[Satiricalivory]

^ If you guys actually read the articles about this you'll know they're distributing the money through the tax relief programs that already exist. You have to go through a qualification process to be in those programs, so I don't see any slumlords getting these resources. I imagine the people who qualify would just have their taxes forgiven and the money would go directly to the city.

[EastsideAl]

Yeah, those crazy dark folks down in the city sho' love 'sticking it to the man' by going into huge debt [[with enormous interest) and losing their homes to tax foreclosure. The word for fools like you is not "cynic".

[bartocktoo]

Owning a home in Detroit is default "generational wealth"? Who's really detached from reality?

I'm obviously not talking about the minority of homes in the city in very stable neighborhoods with recognizable names. I'm talking about the run down bungalows, the pre-war vernacular with tarps nailed to the roof, the duplex with only one occupieable space, and so on.

These homes, many owned outright for years, don't represent wealth to their owners due to the condition and location of the house. Drive through the far east side neighborhoods, or any number of blocks scattered thrghout the city and you'll see the same situation.

This is spot on, in my opinion. Those that disagree don't really know.

[Satiricalivory]

This is spot on, in my opinion. Those that disagree don't really know.

You're free to co-sign lunacy but that doesn't make it truth.

[hybridy]

Timing is everything.

Bedrock laid off 60 employees via zoom today. How of the times :/

“the Zoom meeting played a pre-recorded message telling the employees that their positions were being eliminated, and the employees were locked out of their company accounts and devices after the call.”

https://www.metrotimes.com/news-hits/archives/2021/03/29/bedrock-detroit-lays-off-dozens-of-employees

[Danny]

YAY Gilbert. That's how you do business. Downsize your employees to save money. That's a great marketing strategy.

[bartocktoo]

You're free to co-sign lunacy but that doesn't make it truth.

What do you know about Detroit? Really. Are you even here? If you are where are you? Because you clearly don't know.

[bartocktoo]

I think Fantasy Land is great to play but I'm here to talk about the places I live in and know.

[K-slice]

You're free to co-sign lunacy but that doesn't make it truth.

Great counterpoint, "that's lunacy", wow, so we'll thought out.