living in ghettos, separated from wealthier whites-only areas. Rebuilding after the riots Fauntroy's proposal Walter Fauntroy, City Council vice chairman and the leader of the Southern Christian Leadership Conference, played a key role in the rebuilding of D.C. after the 1968 riots. When the riots first broke out, Fauntroy expressed his connection with Dr. King, stating that "There is no one in the city whose heart is more crushed and broken than [his]" after King's assassination. He challenged people to "Handle your grief the way Dr. King would have wanted it," and those who acted otherwise "do dishonor to the life and mission of Dr. King." Following the riots, Fauntroy proposed a program that would allow property owners the right to build bigger and more profitable buildings, as long as they spent money on community projects such as housing, apartment renovations, or retail centers. If someone wanted to go forward with a commercial project, they would need to first make a firm commitment to undertake a local project in a D.C. neighborhood. As part of their returning to the community, participants would be required to return 50% of the cash value of the bonuses they received through the program. Fauntroy estimated an increase of $500 million in revenue for the city government. Property damage and white flight The property loss caused by the riots was extensive and included damage to 1,199 buildings, including 283 residential and 1,590 commercial units. Losses to at least partially insured properties in the concentrated area of looting and destruction were estimated at $25 million. Insurance covered only 29% of the total loss suffered by these businesses. As a result of the riot damage, an estimated 2,900 insurance policies were cancelled and 500 businesses suffered inflated insurance rates. The Board of Trade estimated a loss of $40 million in tourist trade during April and May including those due to the cancellation of the National Cherry Blossom Festival. The riots devastated Washington's inner city economy. With the destruction or closing of businesses, thousands of jobs were lost, and insurance rates soared. Made uneasy by the violence, white flight from the city accelerated, depressing property values. Crime in the burned out neighborhoods rose sharply, further discouraging investment. On some blocks, only rubble remained for decades. Columbia Heights and the U Street Corridor did not begin to recover economically until the opening of metro (subway) stations at U Street