The DC city government did things like this in the 1990s while going broke. Congress appointed a Financial Control Board to run the place, leaving the city commissioners plenty of time and no power. Bankruptcy judge will do the same.
“A study by the Lincoln Institute of Land Policy looked at effective property tax rates in the 50 largest U.S. cities in 2011. Detroit had the highest property tax rates of all 50 cities on homes, apartment buildings, commercial buildings, and industrial buildings.
The chart shows the effective tax rates in Detroit vs. the average of the largest 50 cities. The Detroit tax rates are generally twice as high as the U.S. averages. Detroit needs lots of reforms–property taxes would be a good place to start.”
In addition, Detroit taxes most of the machinery in a factory or shop. No wonder everybody left.
“Detroit's minimum wage is more than $2 above the federal minimum wage; and pressure groups are pushing for more. Additionally, any company contracting with the city must pay its employees $11.03 an hour if they offer benefits or $13.78 an hour if they do not.”
The slightly higher minimum wage doesn't concern me as much as the exaggerated one to work for the city. Hopefully, the court appointed executor will cut the city commissioners' salaries to $1 a year, although even that would be too much for such a useless body.
Some conservatives have expressed a desire to completely dump the retired city workers' pensions. As many are retired police, firemen and first responders, I have a problem with that.
Wealthy liberals act aghast that the Detroit Institute of Art collection may be sold. I would prefer the above retirees share in the revenue, than go without.