Detroit to bulldoze thousands of homes in fight for survival

Source Telegraph (UK)

David Bing, a businessman and former all-star basketball player who entered politics late in life, says he has no choice. The 2010 census is expected to reveal a population of about 800,000, down from a peak of 1.8 million in the Motor City heyday of the late 1950s. The long decline of the car industry and all its spin-off business has been exacerbated by the collapse of a housing market that has left prices close to what they were 50 years ago, when lifestyle magazines featured Detroit as the most desirable city in the United States. Decent three-bedroom homes can be bought for $10,000, but no one wants to buy. Decades of poor and at times corrupt administration have also taken their toll, and with the city facing a deficit of between $85 and $124 million this year, the answer, says Mr Bing, is to accept reality and reduce the size of the city.