Category: Receivership

The buck stops nowhere: Part 2, Nothing happened, nothing changed

6 November, 2013 (09:00) | Apartments, Building Codes, Enforcement, Housing, New York City, NYCHA, Public housing, Receivership, Rental, warrant of habitability |

[Continued from yesterday's Part 1.]   By:David A. Smith   Yesterday’s post, using as source material the New York Daily News (October 31, 2013), New York Daily News (November 1, 2013; blue font), and New York Daily News (September 2, 2013; red font), vented my outrage at the irresponsible, incompetent, and unaccountable New York City […]

The buck stops nowhere: Part 1, She buried the transfer

4 November, 2013 (16:21) | Apartments, Building Codes, Enforcement, Housing, New York City, NYCHA, Public housing, Receivership, Rental, warrant of habitability |

By:David A. Smith   That’s understatement, you know   Outrage felt translates so poorly into analytical writing that readers are encouraged to supply their own expostulations as you follow this hard-to-believe tale of a public housing authority that is negligent and incompetent in everything except political arrogance, as reported in the populist’s bulldog newspaper, the […]

The least surprising takeover of the century

11 March, 2013 (16:12) | Bankruptcy, Cities, Detroit, Infrastructure, Michigan, Municipal bankruptcy, public choice theory, Receivership, US News |

By:David A. Smith   In fulfillment of the least clairvoyant prediction I’ve made or am likely to make, Detroit’s governor Rick Snyder has announced that he will appoint an ‘emergency financial manager’ to take out executive responsibility in Detroit, and when that happens, it will in effect place the Motor City into receivership.  As reported […]

Once you have the gumption

21 May, 2012 (11:08) | Bankruptcy, Cities, Municipal bankruptcy, Negotiation, Recapitalization, Receivership, US News, Workouts |

By:David A. Smith   When a game is crooked, don’t play it – but if you are forced to play it, change the rules.      That’s what states are doing with respect to their insolvent cities, as the combination of political autonomy and fiscal irresponsibility has led consistently and inescapably to bankruptcy or its […]

Rebuilding the city’s economy: Part 2, gentlemen, start your engines

10 May, 2012 (11:12) | Cities, Detroit, Economics, Markets, Michigan, Municipal bankruptcy, Receivership, US News |

[Continued from yesterday's Part 1.]   By: David A. Smith   In yesterday’s post, using stories from The Economist and a followup in Reuters, April 4, 2012), we saw that Detroit was on the brink of either running out of cash (by early May), or going into municipal bankruptcy, or accepting aid and financing assistance […]