You hit the nail on the head.
Ironically, that $18B in debt includes the default tax liabilities as assets (not written off). They will never collect those taxes.
Those $1 properties are actually liabilities. To make an asset out of them you have to 1) settle the liens 2) Pay any fines assessed by city (see #1) 3) demolish the house 4) Clean up the property 5) sell the land with clean title for more than #1 - #4 cost you. 6) Pay tax on the profit.
Until the City forgives the debts and liabilities, those houses are expensive junk piles.
It’s barely worth a dollar when you consider that your life is constantly in danger and you have to pay all the repair bills to get it into habitable shape.
It is no bargain at all if you have to pay any back taxes, utility bills, liens, etc.
People have not left detroit. People are REFUGEES from detroit.
Now with a cleansing bankruptcy, the few left should also evacuate.
With the bankruptcy, those back taxes could be negotiated.
I don’t think detroit can be saved. It has to be de-chartered and then chartered as New Detroit without all the liability OR pensions OR bonds.