Would you want to invest in private property anymore, knowing the government could swoop in and steal it at any time, for any reason??
"Would you want to invest in private property anymore, knowing the government could swoop in and steal it at any time, for any reason??"
This is likely to backfire on cities big time. They have visions of turning slums into class A commercial real estate, but they are likely to turn class A real estate into slums as land owners flee.
That is very silly. If you buy a house in the middle of a field, sure there is some risk of that. But stay politically connected and you will hear of any plans well in advance. Buying homes in established residential areas carry zero risk. This decision sucks, but please don't scare people into thinking the government is about to seize everyone's homes.
This will open up the flood gates. You're going to see a whole slew of seizures around this country, and it'll be a total wildfire. I can almost feel the gleeful greed growing exponentially across this land. Mark my words, it'll get bad enough that Congress will have to do something, or the people will have their heads.
Is this going to cause a drop in property values?