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For Baltimore, Housing Slump Slows a Revival
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Oct 03, 2007 10:01pm |
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| Category | News |
| Media | Newspaper - New York Times |
| News Date | Friday, October 5, 2007 04:00:00 AM UTC0:0 |
| Description | By LOUIS UCHITELLE
Published: October 4, 2007
BALTIMORE — Colorful banners, draped across buildings like giant flags, urge people driving through Baltimore’s rebuilt downtown neighborhoods to move into the new condos and apartments inside. “Sophisticated Urban Living W/Garage and Gated Off-Street Parking” one sign declares in the long campaign to gentrify the central city.
Until recently, the ballyhoo was not much needed. The revival was going well, in Baltimore and in other cities making the transition away from manufacturing. But now, the banners are the most visible evidence of the incipient damage to this major American city from the turmoil in the national economy.
As home sales dry up, tax revenues fade, foreclosures surge and hiring declines, a new caution is inhibiting activity.
“I don’t see a recession mentality,” said Atwood Collins III, executive vice president of the M&T Bank Corporation, who complains that the national media are amplifying the bad news. “But you would have to be deaf, dumb and blind not to be a little infected by what is being said.”
How broadly the infection will spread is still not clear. By no means is every metropolitan area around the country experiencing similar problems. Even in Baltimore there are strengths. The port is thriving from trade. Financial services companies are strong, and the federal government is channeling money into medical research and to companies that locate here, having won contracts with the National Security Agency, which has headquarters nearby. |
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