https://www.nytimes.com/2017/09/05/magazine/michigan-gambled-on-charter-schools-its-children-lost.html
Note the "FOR PROFIT".
"Michigan has the most for-profit charter schools in the country and some of the least state oversight. Even staunch charter advocates have blanched at the Michigan model."
"Michigan’s K-12 system is among the weakest in the country and getting worse. In little more than a decade, Michigan has gone from being a fairly average state in elementary reading and math achievement to the bottom 10 states. It’s a devastating fall. Indeed, new national assessment data suggest Michigan is witnessing systemic decline across the K-12 spectrum. White, black, brown, higher-income, low-income — it doesn’t matter who they are or where they live. ..."
"At the same time, banks and hedge funds, Miron told me, profit greatly from the charter sector, thanks to large tax breaks ... “A bunch of them thought, Wow, I can start a real estate division!” VanderWerp said. “We’ve run into this all over the place”: E.M.O.s buy buildings “for a couple hundred thousand bucks, lease them to the school for a couple of years and then sell them” to the school “for a few million.”