by Calculated Risk on 7/03/2011 12:53:00 PM

An interesting story of revitalization ...

From the NY Times: The Young and Entrepreneurial move to Downtown Detroit-Pushing its Economic Recovery (ht Brian).

Recent census figures show that Detroit’s overall population shrank by 25 percent in the last 10 years. But another figure tells a different and more intriguing story: During the same time period, downtown Detroit experienced a 59 percent increase in the number of college-educated residents under the age of 35, nearly 30 percent more than two-thirds of the nation’s 51 largest cities.

These days the word “movement” is often heard to describe the influx of socially aware hipsters and artists now roaming the streets of Detroit. Not unlike Berlin, which was revitalized in the 1990s by young artists migrating there for the cheap studio space, Detroit may have this new generation of what city leaders are calling “creatives” to thank if it comes through its transition from a one-industry.

With these new residents have come the trappings of a thriving youth culture: trendy bars and restaurants that have brought pedestrians back to once-empty streets.
...
Part of the allure of Detroit lies in simple economics. Real estate is cheap by urban standards (Ms. Myles lives in a $900-a-month one-bedroom apartment with a garage), and the city is so eager to draw educated young residents that it is offering numerous subsidies to new arrivals. Ms. Myles, for instance, received $3,500 from her employer, which, like many companies in the city, is offering rent or purchasing subsidies to staff members who choose to live in the city.

This was in the "Fashion & Style" section, but it is really (hopefully) an economic story of renewal.

Yesterday:
• Summary for Week Ending July 1st
• Unofficial Problem Bank list at 1,003 Institutions and State Stress Level
• Schedule for Week of July 3rd