That's true, but New York has inherent advantages over places like Detroit. Maybe you're right and someone will hit the jackpot by investing in real estate in Detroit, but I know that before I'd cough up several hundred thousand dollars of my hard-earned cash, I'd want to see a definitive plan that the city has for turning things around; frankly, I just don't see that.
The only thing that Detroit has going for it is that it is in the Midwest (no major natural disasters) and next to a Great Lake, so it's got plenty of water. But seriously: what has Detroit got going for it? What is going to bring people back? What is going to bring businesses there?
I know that Detroit is not Chicago or New york but we are in the process of rebuilding this city. We have things to offer. No our downtown area is not what it use to be but it is on the upswing. With new businesses opening, Hardrock cafe', the compuware building, we have our summer festivals, clubs, restaurants, The Fox theatre, our beautiful riverfront. Not to mention ice skating downtown at Campus Martius, the Casino, Our sports arenas i.e.Ford Field, Comerica. We are trying to improve our city it may take a while but I have faith that it will happen.