In the aftermath of the Minneapolis riots, the region now risks falling into a perpetual cycle of economic blight similar to comparable urban areas previously scarred by urban mayhem.
In the summer of 1967, violent riots erupted and lasted for five days in Detroit, between the city’s black residents and the local police department after law enforcement raided a bar on the city’s Near West Side. Detroit was still recovering from a previous race riot 24 years prior.
“It stands to reason that businesses will be far less likely to invest in areas where there’s a fear of social unrest. That’s presumably the biggest long-run negative effect, but there will be secondary negative effects such as higher insurance premiums for businesses that do remain, depressed home values for residential property, and things like that,” economist Dan Mitchell told the Washington Examiner.