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June 24, 2005
The Kelo decision is very troubling. However, as I was reading criticism I did have a bit of a brainstorm.
One can set up a pro property rights private foundation. That foundation can do a mix of two things. When a state or local entity attempts to condemn property for non public uses, the foundation will fairly negotiate the value of the land to them and then secure an option to purchase the land for the next 10 years at that price plus inflation during the period. The foundation will pay $1 for the option.
If the government moves ahead, the foundation purchases the property for the actual clearing price and sells to the government for the newly minted fair value of the property.
Call it FIRE for property.Posted by hoffmang at 12:20 PM