LaFaive in Los Angeles Times

Detroit’s foreclosure problem and what to do about it.

Director of Fiscal Policy Michael LaFaive is quoted in Los Angeles Times on the subject of foreclosure in Detroit. According to the article, 62,000 Detroit property owners are facing foreclosure due to falling behind on the city’s high property taxes.

There are other ways the city can increase revenue. Privatizing the city’s transportation system could alone save it millions. Detroit should also look to the city of Pontiac, which has made commendable progress in pulling itself out of bad financial straits. The city of Detroit has already said it plans to lower property taxes for homeowners in June, in hopes of alleviating the foreclosure problem.

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The story also appeared in the Pittsburgh Post-Gazette on April 3.

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