Heard an interesting comment this morning. If you look at the larger time frame, Watts, for example, still hasn't recovered from the impact of it's riots. Much the same can be said for Detroit as well, because once the riots happened, many people moved out and pretty much said leave me out of it. This degraded the tax base, and didn't help the financial problems.
Kinda adds up and make sense, dominoes falling one by one and all that.