Go to Zillow and look at a aerial photo of Detroit... You can buy homes all over Detroit for less than $10,000. For less than $500,000 you could buy 4 or 5 city blocks, build a mansion, surrounded by razor wire of course... Property taxes on a Detroit $400k house of $15,000 / yr. as compared to West Palm's $6,800. If they would cut those taxes they might still have some people wanting to live there.
Let's do a fly-over, shall we?
When President Obama talks about affordable homes for all, I have a feeling this is what he has in mind.
Update: For those refugees still nostalgic about Detroit, there's always the burned-out Detroit Lego home.