Many of these rust-belt cities have struggled for so long that suburban sprawl has been quite limited. Many of them have intact urban downtowns that are run-down and many of these towns and cities have been focusing on smart urban renewal of these downtown areas. They won't be making the same mistakes again. And they don't need a whole generation of investment to make them great little places to live.
They still need ongoing jobs. And this is the elephant in the room as far as fracking goes. It's boom-bust all over again.
The money isn't really in the product, the money is really in creating enough buzz to get some other sucker to put his money into a well so that you can cash out. Once that stream of suckers^Hinvestors drops out, the economy drops out. Quickly.
So in ten years you will seen storefronts boarded up again. They won't be storefronts from the 50's and '60s (the last boom and bust cycle), they will have LED lights and fake granite counter tops and old Wifi routers. But they will be boarded up.