Detroit’s Dollar Menu

Dollar menus are all the rage nowadays.  All the fast food restaurants offer a plethora of items for just a buck.  Not to be outdone by mere fast food restaurants, Detroit’s real estate market is so tanked that it is now the fast food industry’s competitor.

Houses on sale for a few dollars are something of an urban legend in the US on the back of the mortgage crisis that drove millions of people from their homes. But in Detroit it is no myth…

Joan Wilson, an estate agent in the north-west of the city, whose firm is offering a three-bedroom house on Albany street for $1…

Unfortunately, investing a dollar in Detroit’s real estate market would probably yield the same result as ingesting a dollar menu food item.  A temporary satiation followed by a troubling bout of indigestion.

Detroit homes sell for $1 amid mortgage and car industry crisis

Linked via Mises Economics Blog, where a commenter notes the following.

What we see in Detroit is a capital consumption symptom of a socialist economy. When it is all consumed socialism will have reached its ultimate destiny – a two class system made up of a parasitic State-connected class and the second class citizens with no incentive to be productive.

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