What ever happened to that huge Supreme Court eminent domain case that literally rocked the real estate world?
You remember- The city of New London, Connecticut wanted to bring in a new development that promised millions to the city but the tiny homeowners had to go first.
So the city seized the homeowners’ properties all in the name of common good. Property rights went out through the window and the Supreme Court backed it all up.
It was not one of the Court’s shining moments…
(I still get angry just thinking about it.)
In the midst of all the rancor was one tiny little pink house owned by Susette Kelo, that in a sense represents all our properties.
It has since been moved after Ms. Kelo lost her battle with the giants.
Actually, I don’t think she lost after all.
Because of her and homeowners like her, 40 states have now strengthened property rights.
And what about that giant colossol development which was supposed to shower New London with millions?
Funny thing. It never materialized.
Kelo lost her little pink home- for nothing really. The land is just a gull patch; barren full of nothingness. The city isn’t even collecting the property taxes it was getting at first.
Is there a lesson here?