This story is part of The Speculators of Detroit, which looks at how bad actors have destabilized neighborhoods, left many residents without safe housing and cost the city hundreds of millions.
The City of Detroit is asking a judge to put a receiver in charge of a crypto real estate company’s large and troubled Detroit portfolio. The city made the request as part of its ongoing lawsuit over the condition of properties owned by RealT, or RealToken. If approved, the receiver would be able to repair deteriorating properties at the company’s expense.
The lawsuit, filed in July with Michigan’s 3rd Circuit Court, contends that RealT’s neglect and mismanagement are harming scores of tenants and neighbors. Dozens of its properties were in such poor shape that the city deemed them “unquestionably harmful” to residents’ health and safety. Judge Annette Berry issued a temporary restraining order preventing the company from evicting tenants or collecting rent on properties that weren’t up to code…