Detroit's bankruptcy and recovery (2013-2014)
Detroit filed for Chapter 9 bankruptcy in July 2013, the largest municipal bankruptcy in U.S. history, carrying debts around $18 billion. The city had lost more than a quarter of its population from 2000 to 2013 as tax revenues collapsed.
The city exited bankruptcy in December 2014 after restructuring debt and cutting services. Government finances stabilized, and by 2024 the population had begun growing again.
The recovery opened the door for downtown redevelopment and new construction. It also left the housing stock depleted, with more than 20,000 rental units lost between 2000 and 2010.
The 410 Chandler permit is one of the small new construction projects the recovery has made possible, in a market that remains fragile.
