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Florida will be back, but it will probably take a little while. Entirely too much speculative overbuilding went on there and will take time for that to be corrected. Hopefully a lesson was learned here.
I think he was implying that Miami probably has the most complete economy (though they're heavily reliant on tourism too it seems)...there's no need to jump all over it. Florida is in a bad place right now...that's the truth.
What does that have to do with being a real city? What is a real city?
Population growth isn't always a good thing though...it really depends on who is moving there. Especially when speaking about a state who is having troubles like Florida is.
Florida will be back, but it will probably take a little while. Entirely too much speculative overbuilding went on there and will take time for that to be corrected. Hopefully a lesson was learned here.
Florida and Nevada learned that : a resilient economy is always diversified, and apparently they understood.
I hope because in several decades Michigan and Detroit didn't understand !
NY recovered because the finance was back, Florida will recover because tourism/housing will come back.That's simple.
That's a very simplistic way of viewing it. New York was helped by finance recovering...which was a result of:
1. The Federal bailout, which gave the financial institutions the liquidity they badly needed. They also bought toxic assets that these banks were holding on their balance sheets. So all of a sudden these banks went from "low liquidity and packed with toxic assets" to "packed with cash and getting a great deal of toxic assets off the books".
2. Finance was beaten so hard that stocks were pushed so low that there was no way they couldn't go up (unless that bank itself was actually insolvent...which was the situation in a few cases). Banks were often undervalued because people were so scared of what was happening that they went far below fair value.
I agree that eventually tourism will come back, but housing is a whole different animal. Florida is very overbuilt in terms of housing and that's very hard to remedy. It sounds like entire communities were being built as "speculative" properties...simply being built because property values were going up and not because there was actually a market demand for it. Now the bottom has fallen out there's a boatload of vacant, rotting properties. I know the next answer is "well there are people moving here!"...but who is moving there? As I mentioned in my previous post, the type of people moving there is just as important as the number of people. If the region is being flooded by poor immigrants, then that does nothing to help ease the pain of a bunch of $600-800k McMansions which are hanging out on the market. Also take into account that not only have the price of these homes dropped, but the longer they sit stagnant, the more they rot and lose even more value.
This is not a case of "well people will move here and the problem will be solved!" at all. I fear this will be a more painful recovery than you're implying it will be. Hopefully not.
Quote:
Originally Posted by polo89
What does that have to do with being a real city? What is a real city?
Again, I think you're too hung-up on one word. Miami is the city in Florida with the most complete economy...I'm pretty sure that's what he meant. If it isn't, then that's your problem for being so sensitive. I know forumers get pissed because people will say their city isn't a "real" city...well stop giving those people the satisfaction of getting under your skin. Move on.
Location: Austin, TX/Chicago, IL/Houston, TX/Washington, DC
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Quote:
Originally Posted by tmac9wr
At the same time, Detroit has 11 Fortune 500 companies in its area...
Detroit is very wealthy though. Remember it also has the 8th largest Millionaire population in the USA. The others being New York City, Los Angeles, Chicago, Washington DC, Boston, Houston, & Bay Area.
It also has a large Billionaire population too, only some 9 other Metropolitan Areas have more Billionaires.
And in suburbs like Plymouth (my dads cousins moved there from Atlanta last year for work related reasons), when you go there and see it. It even looks rich as hell, affluent and wealthy all around by appearance and by functionality. ery rough areas, and in the minority some affluent areas. But the suburbs are rich as hell for the most part.
The city of Detroit is a hit or miss, you'll find some decent areas, and some v
You'll find this interesting to see too.
Fortune Global 500 (2010):
New York City-Newark-Bridgeport – 30
Chicago-Naperville-Michigan City – 10
San Francisco-Oakland-San Jose – 10
Minneapolis-St. Paul – 7
Houston-Bayton-Huntsville – 6
Atlanta-Sandy Springs-Gainsville– 5
Baltimore-Washington DC – 5
Boston-Providence – 5
Dallas-Fort Worth – 5
Los Angeles-Long Beach-Riverside– 5
Philadelphia-Wilmington – 5
Detroit-Warren- 4
Comparatively Miami-Fort Lauderdale has 0 Fortune Global 500 Companies.
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