TDR reports that Dixon's MO in Las Vegas was to met with reps from the sporting-goods store REI, and Target, reportedly already set to open a location in Mondawmin. The message = rich people live here: The city has conducted its own research that often paints a better economic picture of Baltimore. For example, in late 2005, the Downtown Partnership conducted a study that showed that more than 3,100 households within a one-mile radius of downtown earned more than $75,000 per year. That compares to the $29,792 listed as the city’s median household income in 2004 by the U.S. Census.(Hey, doesn't the picture of the city's booth logo make it look like a rowhouse on fire?)
Speaking of numbers, today's WSJ article about the Subprime Crisis is most appropriate to Baltimore and those who might attempt to escape it:
... beginning in the mid-1990s, the evolution of subprime lending from a local niche business to a global market drastically rearranged lenders' incentives. Instead of putting their own money at risk, mortgage lenders began reselling loans at a profit to Wall Street banks. The bankers, in turn, transformed a large chunk of the subprime loans into highly rated securities, which attracted investors from all over the world by paying a better return than other securities with the same rating. The investors cared much more about the broader qualities of the securities -- things like the average credit score and overall geographic distribution -- than exactly where and to whom the loans were being made.In turn, the higher rate of homeownership encouraged businesses:
Suddenly, mortgage lenders saw places like [lower Charles Village, the West side, etc.] as attractive targets for new business, because so many families either owned their homes outright or owed much less on their mortgages than their homes were worth.
