They are already doing that. I guess you haven't seen the Jeff Daniels/Michigan commercial to lure business? It hasn't been on in awhile though. The Wyoming Chamber of Commerce is recruiting workers there to move and work in the Oil/Gas Services sector.
Apparently they aren't doing enough! I'm a results guy....if ain't working....get yourself another horse. Change things up...stir the pot, do what it takes. Better yet, put me in charge, I'll get things moving over der'!
They need to cut prices, just like they are starting to have to do everywhere. Every house has a buyer, even if it's at $1 or the city gives it away on Crack Street with tax incentives to spawn development. We will see price declines in housing nearly everywhere. Sellers are just in denial until necessity trumps fantasy.
They need to stimulate demand. Get the economy rolling. Spur some investment. Then, those dumps that can't be sold for 30k will sell for 300k!
just as a sidenote to this thread, I currently live just north of detroit.(metro) In the tri-couty area, over $1 billion in paychecks is cashed every 2 weeks. Yes, that is billion with a b. Downtown is bad except for the newly developed areas. There are thousands of acres worth of depressed housing between the ren-cen area/windsor tunnel where most of the revitilization is going on and just north of 10 mile when you hit royal oak. I would love to see this DMZ cleaned up and put to good use, but no one has had the incentive to put that kind of plan together....
The detroit administration is so corrupt that the money would just end up at a local strip club. An acquantience told me that he knew of a man that needed some deeds from the detroit hall of records. He paid the attendant 1,000 USD to take a 'long lunch' and was free to get the information he needed to take out mortgages on several homes. There was a huge scam in the past few years where, unknown to local homeowners, a mortgage company was taking out mortgages on their homes in an attempt to flip the mortgages. They are only able to do these types of things because the administration lets it happen.
I live in Troy. The trend on the paycheck issue is not this area's friend right now. The layoffs and buy-outs have just begun to kick in. Detroit has no chance at sustainable and profitable revitalization until they have: 1) Safety 2) Efficient city services 3) Much lower tax rates 4) More business investment 5) Effective and timely mass transit (not the joke that is the people mover) and most importantly: 6) Good public schools 6 strikes for Detroit. Numbers 2, 3, 4, 5 and 6 are especially dreadful.
The secret is to buy when the area is in transition and prices are starting to go up. Look for money pouring in and cranes that are actually on the ground, moving dirt. Not just city plans and other BS that could be postponed for 20 years. Even if you have to pay 45k for something that sold for 25K last year. At least you know that demand is picking up. If you buy when there is nothing going on, you may be stuck with the property for decades or more.
One question - if you were a company that could revitalize an area, what would make you move to detroit or anywhere in the rust belt. I hate to be so blunt but these cities are located in grey, depressing, freeze your ass of areas because of one advantage that no longer applies ----boats. I would also be loathe to bring my company to a well unionized area. (I have nothing against unions-I am just stating business facts.) Even local banks move their investment bankers to other cities. .