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    Hey everyone,

    Yesterday, we reported on the city's lawsuit against RealT. Today, we're sharing more alarming revelations from our investigation into the crypto real estate company behind about 1,600 rental units in Detroit.

    Our reporting has focused on poor property management, but today we're looking at the company's business practices that have left industry experts baffled. One investor compared it to a "Ponzi/Madoff-type scheme." RealT owes millions in unpaid taxes and blight tickets, doesn't hold deeds for dozens of homes, and hasn't collected rent on over 100 properties for months or years.

    Despite this, the company continues paying out dividends and raising money for new properties nearly every week. We've also found that RealT raised $2.72 million for a bundle of 39 homes in July 2023, but the deal still hasn't gone through - a detail they haven't shared with investors.

    Thanks for reading,

    Aaron Mondry

    Questions swirl around RealT by Aaron Mondry

    Image credit: Matt Daniels for Outlier Media

    Other news:

    * DTE Energy helped bankroll a dark money group working to repeal Gov. Gretchen Whitmer's lockdown policies, despite the utility's denials.

    * Detroit officials are bringing back youth curfews after several teenagers and children were shot in recent weeks.

    * The city is working to plug transportation gaps for pregnant women and caregivers, but Michigan's weak transit system is making food insecurity and health problems worse for older adults.

    This newsletter was written by Aaron Mondry, Briana Rice, Noah Kincade, Lynelle Herndon, Koby Levin, Michael Jackman, and Kiran Saini.