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Totally valid. It happens. On the other hand it's clearly a statistical outlier. I'd be wary of trying to create one ruleset that covered both wherever you live, cities like Detroit, rural towns, industrial towns, etc. that will all have different environmental needs, density, rates of change, access to private investment capital, etc.

Similarly... it's hard to impossible to predict the future, which is why economists predictions are so often wrong, as you point out. Gold rushes often ended in ghost towns. Who's to say in another 20 years your town won't be back doing logging and milling, and would be better off not bending to support an industry that may turn out to be ephemeral?

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