Monday, July 16, 2012

Is this the next use for eminent domain power?

Post by Mike Flynn

This is an interesting report about a few California governmental bodies joining forces to try and exercise their eminent domain power to stem the housing crisis.

In short, the governments will seize the homes, erase the current lien holder, then renegotiate with the current home owner to reduce the balance of the loan and keep the property occupied.

California eyes plans to seize property.

I can think of few problems here. 1 - This is not the proper role of government. Let the free market work. 2 - If the plan is being designed by Wall Street execs, like the story says, you can bet the ultimate winner won't be the home owner or the tax payers.


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