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http://austinbay.net/blog/?p=645 Austin Bay Fri, 10 Sep 2010 00:25:49 +0000 http://wordpress.org/?v=2.5 http://austinbay.net/blog/?p=645#comment-64113 duglmac Sat, 29 Oct 2005 00:45:46 +0000 http://austinbay.net/blog/?p=645#comment-64113 <i>Of course, if you are wealthy, or even upper middle class, there is little chance this sort of catastrophic taking will befall you. The logic of an economic development taking is that knocking down what exists now and building something fancier will increase the municipality’s tax base. Not surprisingly, economic development takings disproportionately affect the poor and the working class. That has been the observation of Jane Jacobs, the doyenne of urban planning who submitted an amicus brief in support of the Kelo petitioners.</i> Wait til you see what is bound to happen in California. I haven't seen it yet, but Kelo opens the door to a creative city council. In California, property tax increases are limited by law. People who paid $100,000 for their houses 15 years ago are paying 1% tax on an assessed value of about $116,000. (that ia $1160 for the math challenged). The market has increasd to where their house is valued at $500,000. Enter the CityWide Real Estate company. 'Take' an entire neighborhood. Pay them the $500,000. Sell the houses. Even if you break even on the selling prices, you jump the tax liability of each house by a huge margin. Because this tax increase is a 'public benefit', under Kelo the taking becomes for 'public use'. Of course, if you are wealthy, or even upper middle class, there is little chance this sort of catastrophic taking will befall you. The logic of an economic development taking is that knocking down what exists now and building something fancier will increase the municipality’s tax base. Not surprisingly, economic development takings disproportionately affect the poor and the working class. That has been the observation of Jane Jacobs, the doyenne of urban planning who submitted an amicus brief in support of the Kelo petitioners. Wait til you see what is bound to happen in California. I haven’t seen it yet, but Kelo opens the door to a creative city council. In California, property tax increases are limited by law. People who paid $100,000 for their houses 15 years ago are paying 1% tax on an assessed value of about $116,000. (that ia $1160 for the math challenged). The market has increasd to where their house is valued at $500,000. Enter the CityWide Real Estate company. ‘Take’ an entire neighborhood. Pay them the $500,000. Sell the houses. Even if you break even on the selling prices, you jump the tax liability of each house by a huge margin. Because this tax increase is a ‘public benefit’, under Kelo the taking becomes for ‘public use’.

]]> http://austinbay.net/blog/?p=645#comment-60981 Anthony (Los Angeles) Sun, 23 Oct 2005 15:21:26 +0000 http://austinbay.net/blog/?p=645#comment-60981 <i>Kelo </i>, if not the worst SCOTUS decision in US history (<i>Dred Scott</i> will always have that honor.), certainly ranks up there in the top ten of poorly reasoned major decisions, along with <i>Roe</i>. Kelo , if not the worst SCOTUS decision in US history (Dred Scott will always have that honor.), certainly ranks up there in the top ten of poorly reasoned major decisions, along with Roe.

]]> http://austinbay.net/blog/?p=645#comment-60946 Weapon of Mass Disturbance Sun, 23 Oct 2005 13:23:18 +0000 http://austinbay.net/blog/?p=645#comment-60946 Having one's home stolen does not enhance one's patriotism. Having one’s home stolen does not enhance one’s patriotism.

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