This is an archival post from my newsletter. Join the newsletter to get in the loop.

Scary Stuff

“The Supreme Court on Thursday ruled that local governments may seize people’s homes and businesses — even against their will — for private economic development.

It was a decision fraught with huge implications for a country with many areas, particularly the rapidly growing urban and suburban areas, facing countervailing pressures of development and property ownership rights.

The 5-4 ruling represented a defeat for some Connecticut residents whose homes are slated for destruction to make room for an office complex. They argued that cities have no right to take their land except for projects with a clear public use, such as roads or schools, or to revitalize blighted areas.

As a result, cities have wide power to bulldoze residences for projects such as shopping malls and hotel complexes to generate tax revenue.”

  • Umm. More than a little scary, it borders on unbelievable. Especially for those of us in areas where land is short and prices are high. I can imagine Toll Brothers making their case now why my house would make a great place for them to build a new swath of million dollar homes (hence a higher assessment -> increase tax revenues).

I love progress, development, Wal-Mart and so on. Go tear down those old burned out buildings or use that land with the old factory on it, but to steal peoples homes?

http://www.cnn.com/2005/LAW/06/23/scotus.property.ap/index.html
-–|–

Join my mailing list

Join my mailing list and get a copy of my ebook, Securing the Five Figure Sale, for free. Instantly.