When a city is down and out, there are those who look for the upside. People like Dan Glbert of Quicken Loans in Detroit. When a city hits rock bottom (Detroit), or hits hard times (Buffalo), there will always be an ambitious few who dig their heels in and capitalize on the downturn. In order to protect their investments, the strategy is to keep investing.
In Buffalo we see it with Termini and Zemsky, and in Detroit we’re seeing it on a super sized scale with Gilbert. There will be one or two that trailblaze the way, while others gather up the crumbs surrounding the investments. Check out this insightful article in New York Magazine that tells the story of Rust Belt cities that are poised for comebacks. This is a familiar story filled with telltale life lessons that point out the pitfalls and the opportunities awaiting around every corner in downtrodden cities.