"I've been priced out of downtown Detroit" - Headline on CNN.com

[bailey]

In 2012, 4-7 story apt. construction in Detroit [[probably Metro, not sure, source isn't clear on this) was estimated to cost $180/sq ft. Cap rates for new multifam construction in Detroit are currently around 7% according to CBRE. So 180 * .07 / 12 months means about $1.05/sq ft. But that is gross square feet, so for rentable square feet it would be more like $1.20/sqft/month. That doesn't include any non-construction costs, like land, permits, demolition, protection of neighboring structures, etc.,

.. building several floors of parking...

Still, you would think you could get unsubsidized construction someplace well below $2.

I don't think "someplace" is the issue. I think the claim is as it relates to the rather specific CBD/Woodward corridor/Midtown area.