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Sadly, your question -- and the answer -- can only point to a place like Gary, Indiana which was home of all the steel industry in the early 20th century, now it's pretty much a ghost town complete with rotting buildings.
Not really, though. Gary's a city much more like Flint, MI. Flint built up around a giant GM facility, peaked at almost 200,000 population, and then sank back to the 110,000 or so they have, now. Both Flint and Gary have not been part of a major metropolis, and have a layout that can be somewhat sanely collapsed and condensed. I'm not as familiar with Gary, but Flint has condensed fairly successfully, and left a section of ghost town that is slowly being chipped down, while the rest is still somewhat sane.
Detroit suffered a similar % of population loss... But that is pretty much where the similarities end. People forget that at one point, Detroit was a major US city rivaling New York, Chicago, and LA. In 1950, Detroit was the 4th largest US city. Detroit proper is over 140 sq. miles. There are Major League sporting complexes, amazing old theaters, and Fortune 500 corporate headquarters scattered throughout this area. These things have a great value and you really can't relocate them. But you have huge swaths of largely unlivable urban residential between them and the people that attend the games, plays, and corporate conventions.
Detroit proper only has a population of about 750,000, but Detroit Metro has a population of over 4,500,000! So you have all the facilities of a big city, but contained inside a core of urban blight, which, in turn, is surrounded by the ring of "Metro Detroit" which contains all the actual income, all the middle to upper class housing, and then some of their own smaller sporting complexes, convention centers, and corporate headquarters. It's a complete mess! A completely 100% commuter city. The population of Detroit proper doesn't work at all, and the people that work in Detroit live in the suburbs.
So what do you do? You can't block off the core, because there are a lot of useful things in there. You can't bulldoze the residential because there's no money. And even if you had the money, you still couldn't do anything because there are _A_FEW_ people living there. Those are the people who either don't have the means to move, or would rather die than move; so good luck relocating them.
Just shrugging and turning a blind eye has been the strategy for the past 40 years, and it's not working out very well.