Eminent Domain in NYC

http://www.futureofcapitalism.com/2011/02/eminent-domain-in-nyc

The Wall Street Journal notices the Bloomberg administration preparing to seize private property in Queens by eminent domain, then to "solicit bids from a set of developers who have previously showed interested in the site, including Related Cos., Muss Development and Sterling Equities."

If Related, Muss, or Sterling want to build on this site, you'd think they'd be able to pay a market-clearing price for the land rather than use the power of the government to take it from its current owners.

by Ira Stoll  |  Feb 3, 2011 at 11:30 am Related Topics:  New York receive the latest by email: subscribe to the free futureofcapitalism.com mailing list