Thursday, October 13, 2005

Property grabs and the Gulf (we all saw this one heading down Canal Street)

The concern is that developers will seize property and put up housing developments that may not be affordable to the disadvantaged public or build large department stores, such as a Wal-Mart or Target on land that was taken.
Eminent domain is a legal principle that allows the government to take private property for a "public use," such as a school or roads and bridges, in exchange for just compensation based on fair market value.
In June, the Supreme Court's ruling in Kelo v. New London maintained that a city has the right to transfer property from homeowners to private developers to build properties such as residences or businesses. Advocates of the ruling say that these developments will ultimately translate into public benefit by raising the city's tax base, creating jobs and generating revenue that enables cities to provide essential services.

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