It’s no surprise that 247 Wall Street, a website for investors, ranked Detroit the fourth worst-managed city in the country Sunday. Of the cities with populations of 500,000 or more, Detroit ranked first.
“Detroit was hit hard by the near-collapse of the automobile industry and a further slowdown in the housing market,” the site reads. “The median home value tumbled 43% between 2007 and 2011, more than four times the rate of the national decline.
“The lack of money coming into the city’s coffers in the last few years has led to significant financial difficulties. Moody’s rates Detroit’s bonds at Caa1, which is considered junk status and the worst rating the agency has given to any major city. Mayor Dave Bing signed a budget that aims to cut $250 million this fiscal year, with total spending of $1.12 billion.”
The worst-ranked city was San Bernardino, Calif., which filed for bankruptcy because city officials were unable to cut quickly enough to offset the most dramatic decline in housing prices in the country.
The most well-managed city in the country is Plano, Tx., where crime and poverty are virtually nonexistent.
Click here for the entire list.
Steve Neavling lives and works in Detroit as an investigative journalist. His stories have uncovered corruption, led to arrests and reforms and prompted FBI investigations.