Author: matt605

USA federal courts join with real estate developers against homeowners [Copy link] 中文

Post time 2005-6-26 08:47:28 |Display all floors

No point missed.

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Post time 2005-6-27 04:57:47 |Display all floors

Land grabs for private development happen about 2,000 times a year in USA

Don't misunderstand me.  I'm not absolutist in my belief that takings for economic development should be legally impossible.  I just think they're being made too easy.  

It strengthens the hand of developers against homeowners.  To be honest, I'm not worried about the publicly conscious developers like big corporations that want to invest 300 million and revitalize an area.  It's the petty despots that aren't very good at either economic development or community politics who will abuse this law, and it'll make for a meaner form of capitalism in the USA than most people have yet seen.

(Strangely enough, while the court pretends that jobs are so important, continued low interest rates make construction trades a blue collar paradise.  It's like a rust-bowl decision at a time when nail guns and circular saws are the music of most downtown areas.)

"From 1998 through 2002, more than 10,000 properties in 41 states have faced condemnation, or the threat of it, to hand the land to private developers. And that is just the tip of the iceberg, as many if not most, condemnations are never reported in public sources.

"A black, middle-class neighborhood in Atlantic City leveled for a tunnel to a casino that was never built; four elderly siblings in Bristol, Conn., ousted for an industrial park; and a neighborhood in Lakewood, Ohio, declared “blighted” because the homes lack two-car attached garages are among the hundreds of examples the report details."

http://www.ij.org/publications/hanews/2003/spring_2003_a.html

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Post time 2005-6-27 12:19:42 |Display all floors

flotsam: I must disagree with your assertion that there is no property rights i

There may be things to dislike about US policy, the hawkish neocons, the war rhetoric,etc.  but property rights in America is not one of those things.  There is property rights in America.  As a property owner, that's what allows me to legally collect rents, and legally enforce binding contracts, unlawful detainers, etc.  Yes, it is true that our government can take real property by condemnation and eminent domain, but they still need to pay just compensation for it.  I learn not to get emotionally attached to real property since it's only material things and can be replaced.  But I can understand the 85 year old woman who spent her whole life in a home, and how even just compensation cannot lessen the pain of losing her home with such emotional attachments.  

It remains to be seen how this Supreme Court decision will forever change the landscape of America.

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Post time 2005-6-28 07:27:29 |Display all floors

Then it's just an illusion

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Post time 2005-6-28 13:52:55 |Display all floors

flotsam: Illusion is the wrong word

If people are looking for safer investments and cannot stand to take some risks, then they may be better off in Treasuries.  But with real estate, and the property rights that come with it, the higher risk is offset by the potential for higher returns.  While it is possible that my government can take my properties by condemnation and eminent domain, I'm not losing any sleep over that remote possiblity.  Risk has its rewards, and I'm fine with the risks associated with owning real property.    The rent checks I collect are not illusions, and the property rights are not illusions either.  In the worst case senario, I would still get just compensation.  As I see it, that still puts me ahead of investments that are deemed safer, but have far less return.

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Post time 2005-6-29 07:35:32 |Display all floors

No Illusion is the correct word.

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Post time 2005-6-29 10:52:05 |Display all floors

re: raymondusa

what investment is safer than housing?  think about it, have you ever lived in a  neighborhood that the property value went down?  I never have.  i think the worst case is that you can't sell it for much more money than you bought it for (might not appreciate fast enough vs inflation), but it can always be rented out.  now, with interests rates low, the rental market is smaller, but there are still people out there.  i think it's been pretty well established that there's no risk in losing your investment to the government, though some can't see this.

it's interesting you say you rent out.  i'm strongly cosnidering doing this myself.  question: do you use a property managemnt company to handle the legalities/maintenance, etc, or do you only rent to people you know???  any insightful tips would be nice.

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