[quote=Russell]Besides fair market value, the people getting evicted should get a percentage of all future profits from the land and airspace above. If 30 stories go up they get a percentage of profit on all those assets.
I have 20 acres and I am allowed to build just two houses. What would piss me off, is that any of the potential beyond that would be taken and given to a third party by eminent domain and re-zoning favors.
Many people buy and hold property and wait for demographic shifts or population growth to benefit them. To turn around a give the value/potential of that mostly to the few connected, is stealing.[/quote]
Wow Russell that is so true. That would be incredulous if you had to maintain your two home policy for your land, unable to generate more tax revenue and another entity could come in and take over for that exact reason. That is another way to look at it; the restrictions you have on your own property in making it more profitable and how your rights are not as inalienable as that of a powerfully wealthy person or business.
I also agree that people buy and hold property hoping to see an increase in its value “To turn around a give the value/potential of that mostly to the few connected, is stealing”. You are forced to sell out early unable to enjoy the benefits of a place that might have been a piece of coal, but you saw a diamond in it.
In regards to the beginning of your reply-not only did Mr. Mesdaq not get any future share or even stock options- Marriot has fought him tooth and nail in the 7.5 million they were ordered to pay. They appealed and won one time and I’m not sure where it’s out now, but I don’t think he has yet to see any money and he claims his lawyer fees exceed 3 million.
That case is sad. Sure, hard work will usually trump luck, but Mesdaq can work and work, but the location he relocated to on J is yet comparable to his original Gaslamp one.
Also, if eminent domain legally upholds only seizing property at fair market value- what if an owner bought at the top of the market and they were forced out at the bottom? Could they be upside down in their home and unable to even buy another one?
