Keynes Would Be Proud: ‘Blight Removal Task Force’ Calls For 10% Of Detroit Homes Be Torn Down

Tuesday, May 27, 2014
By Paul Martin

by Tyler Durden
ZeroHedge.com
05/27/2014

20% of Detroit homes are in some state of disrepair and as Bloomberg reports, a much-anticipated report from the city’s Blight Removal Task Force says that about half of these should be torn down immediately. Despite Detroit home prices still rising exuberantly in March, over 40,000 structures in the bankrupt city need to be immediately destroyed and a further 44,000 demand attention. The cost of this demolition – about $800 million – which the task force hopes will come from the government. The Keynesian circle is complete – government subsidized mortgages enabled everyone to own a home no matter how unaffordable and now taxpayer funds will subsidize the demolition of that American Dream. Money well spent…

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