Kelo - Is Vacant

[red-beard]

Yep, Kelo v. City of New London,

The case was won by the city, the houses were torn down, and the area is now a vacant lot, as the developer can't find funding. No one is interested in area.

In November of 2007, it was reported that the economic benefits that had been promised by supporters of the Kelo ruling had failed to materialize. Corcoran Jennison, the developer, had failed to obtain financing by the promised deadline, and was said to be technically in default. [7]

So much for "Economic re-development". They did, just negative, not positive. I think this is a pretty good example of what happens when governments interfere with the natural eb and flow of business.

The good news:

By July 2007, 42 states had enacted some type of reform legislation in response to the Kelo decision. 21 of those states enacted laws that severely inhibit the takings allowed by the Kelo decision, while 21 others enacted laws that place some limits on the power of municipalities to invoke eminent domain for economic development. The remaining eight states have not passed laws to limit the power of eminent domain for economic development. ^[18]

http://en.wikipedia.org/wiki/Kelo_v._City_of_New_London

[Jim Richards]

Pitiful.