I read it, I definitely thought, with all the foreclosures, that there should be something like this going on. Certainly I’ve seen it happen in the midwest.
The problem I see with their approach is that they really should try to get it at the bottom price, instead of assuming that California properties are priced appropriately at “$400k”. A streamlined condemnation method would work better and you could probably get properties in the $50k per unit.
The land banks in the midwest that they are getting advice from, they’re not paying $400k per unit, that’s for sure.
