It happened in all big cities during that period of time, but I think it hit Richmond particularly hard because of the Confederate attitudes many people had. When major pushes for desegregation occurred, white people and the businesses they owned, flew from downtown so fast, it would make your head spin. Of course, that's a simplistic explanation, and one which everyone already knows.
The good news is, attitudes in race relations have finally evolved to the point that white people aren't afraid to live side by side with people of other races (at least most - there are still some diehards). Now that one whole segment of the population is not draining from the cities, the bleeding is beginning to subside, and the tide is beginning to turn. I think many of the bad things we have come to associate with downtowns, will slowly pass into history over the coming decades. It might be like watching the minute hand move around the clock dial, but it moves, nonetheless. Look at how different downtown Richmond is now than 10 or 15 years ago. Progress. Small steps, but progress.
NO! I don't call it that, but there are plenty of folks who feel that way. I don't think revenue sharing accross a metropolitan area is Socialism at all. The city is the core of the region, and if it rots, then the whole metro area suffers. Henrico and Chesterfield need to share the wealth to keep the whole metro healthy.