It’s happening in Chicago, Memphis, and Pittsburgh. In Cleveland, it is the silver lining in otherwise difficult economic times. Activity is booming in older city neighborhoods likes Tremont, Little Italy, and Ohio City. These areas have integrated the contemporary with historic that stretches back into the 1800s. They survived 1960s’ “urban renewal” that would have decimated the character that underpins their retro appeal.
But having kept the wrecking balls at bay is only part of the story. Thriving urban neighborhoods across the country have densities and compactness that enable better public transportation. There are also more choices for banking, restaurants, grocery stores, and health care… all within a a short, often walkable radius. Art studios and antique galleries flourish in these dense walkable zones.
In Cleveland’s Ohio City neighborhood, there are there are five banks within a two-block area. Pedestrians have the choice between French, German, Puerto Rican, Mexican, Cambodian, Middle Eastern, and Greek eateries, in addition to a grocery story and historic public market. Renovation of older Victorian homes continues and values have remained stable versus far-flung tract developments. Neighbors walk to doctors’ appointments and the local hospital. Suburbanites flood the area on nights and weekends to get their fix of cuisine, art, and architecture.
Active community members working with local, state, and federal authorities have helped push crime lower. More residents walk in evenings and drug dealing and prostitution are at a four-decade low. Businesses have organized walking patrols on busy nights with off-duty police.
Urban residents across the U.S. also benefit from lower property taxes than their suburban tract home cousins. With industries and businesses to help revenue streams, cities don’t need to pummel homeowners to the same degree as in many residential suburbs.
New construction is now supplementing historic housing stock in many areas, even during the downturn. And according to urban experts, these inner core neighborhoods will continue their successes into the foreseeable future given growing environmental concerns, as well as rising gasoline and transportation costs. Let’s hope city politicians across the country are wise enough to embrace the old, as well as the new since it’s much easier to preserve than to rebuild.
Mr. Potato Head it ain’t—all the more reason we need a few good nuclear engineers to step forward. Or at least a few old ones.
As unemployment rates rocket past 12 percent in some states, taxpayers can be heartened by the work of Neil Barofsky, special inspector general of the U.S. Troubled Asset Relief Program. His job is to examine records of banks accepting federal monies for distortions and malfeasance or simply, which firms were cooking their books to get federal help.
First, it was failure to enforce minimum housing codes. Now, despite court orders, Cleveland Mayor Frank Jackson has failed to overhaul hiring and promotion practices in Cleveland City Government.
There is much to be said of China’s growth into a major economic force and position as an emerging military power with interests spanning from Africa to South America. But closer to home, events in the Korean Peninsula threaten to undermine China’s carefully choreographed coming out party.
Connecticut’s Attorney General is pursuing three of the largest U.S. credit rating firms who received $400 million in Federal Reserve bailout funds. According to U.S. Today, Standard & Poor’s, Moody’s, and Fitch Ratings will benefit from fees connected to the U.S. government’s $1-trillion Term Asset-Backed Securities Loan Facility (TALF).
