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There’s a lot of problems described here that are resolved by the city auctioning the property when it is not providing the services it is zoned for; at no rese
by altairprime 3y ago
There’s a lot of problems described here that are resolved by the city auctioning the property when it is not providing the services it is zoned for; at no reserve price, and using the auction price as the amount paid out by the eminent domain process to the owner (as the auction represents the fair market value of their vacant property on the market). The bank will be forced to mark down the loan’s value to whatever they get from the auction, over their objections, as it was their business risk decision to issue a loan for the property that exceeds its fair market value.
- jeffbee 3y agoPerhaps this is possible in your state, but under the California state constitution eminent domain powers can only be used for enumerated state interests, when there is no other choice than to take private property, and the taking has to be the minimal taking that achieves the purpose. I know under Kelo eminent domain can be used for any and all purposes in Connecticut, but that's not true everywhere.
- altairprime 3y agoYes, that would have to change. California is definitely turning hostile to wasteful property management in their localities, so I hope they consider it!