Bankruptcy will prove the answer for Detroit's financial problems, Michigan Republican Gov. Rick Snyder told MSNBC's "Morning Joe" Friday.
"The bankruptcy is a solution," Snyder said. "It's not a new problem. We are solving 60 years of problems in Detroit."
Detroit filed for bankruptcy on July 18, up to $18 billion in debt. The largest U.S. city to file for protection, Detroit had not been able to provide basic services
, such as adequate police protection and operational streetlights.
Story continues below video.
Visit NBCNews.com for breaking news, world news, and news about the economy
But, Snyder said, the Motor City is rebounding.
The comeback of Detroit "has been going on for several years," he said, pointing to $12 billion in new private investment and 12,000 new jobs into the city.
Young people, in particular, are moving into midtown and downtown Detroit in such large numbers they are having trouble finding housing, Snyder said.
"In terms of young people, there's 98 percent occupancy in midtown and downtown Detroit. Young people can't find housing. And, these are young professionals moving into the city.
"That happened in spite of the municipal government having these issues," Snyder said.
has been cited as a major component in the downslide of what was, at one time, one of America's most prosperous cities.
Former Mayor Kwame Kilpatrick
, sentenced to prison last month, was one the latest government official to face corruption charges. Tuesday, Democrat Mike Duggan won election
to become the city's first white mayor in 40 years.
© 2015 Newsmax. All rights reserved.