2013-09-30

Eminent-Domain

I think that mayor, Gayle McLauhlin, got a lot of guts (or nerves) to stand up to the banking industries taking advantages of those whose homes in her city, Richmond, California, went underwater, resulting in a rash of foreclosures, when they refuses to renegotiate their mortgages. She is taking an unusual approach to the crisis, threatening to use the power of eminent-domain to purchase these homes at market value, and provide an affordable alternative, with a group of investors participating, earning a reasonable return. I support the idea, despite the fact that they may retaliate against the city refusing the give credits to any future development projects on top of potential lawsuits. We got a problem, we need creative solutions!

No comments:

Post a Comment