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"On the other hand, if you play hardball, you may simply wipe out the current owners and have Bain Capital or whatever buy up the properties cheap, rebuild and sell to new owners, establishing a new Galt's Gulch.

Perhaps a new New York billionaire will find buying up whole areas and rebuilding like Vanderbilt to be an attractive proposition.

Presumably the fundamental attractiveness and value of the property is still there."


Let's see....

We could have some 'rich' democratic donor/well connected political vulture capitalist move what was a single family higher end neighborhood.......and buy it up 'on the cheap'.

Then, we knock down all the storm damaged houses, open all the streets to the rest of the city's residents, and demand the city rebuilt 'all the infrastructure' to the tune of a billion dollars. The new 'sea wall'. The brand new streets, sewers, water, .....

Then build gigantic apartment complexes, renting out 20% of them to 'lower income folks' likely with 8 kids apiece. Lots of federal housing money would flow. 8 or 10 or 12 story monsters like CAbrini Greens....

Thus, we'd instantly overload the school system requiring the city to build an entire new school to handle the influx of low income families. The state would have to fork over more in food stamps and housing allowances.

The tax base 'might' go up, then again it might not. In any event, the 'tax take' won't begin to pay for the new services required...police, fire, social workers, new teachers, new buildings, new janitors....

or maybe the land could be sold to an Indian tribe to set up a new gambling casino?

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