The city of Richmond, California is being sued by a number of banks that represent some of the countries largest bond investors. They want to stop a move by city officials to seize and buy mortgages using the powers of eminent domain. For those of you not familiar with eminent domain, let me enlighten you. It is (in my humble opinion) one of the most forceful, damaging and questionable Police Actions that can be taken by our government. It’s the ultimate violation of property rights and an assault on the core character that gives true value to our economic system in the world. To read the story click here.
In essence, eminent domain is the ‘Taking’ of your property by the state (township,city,county,state,country), if the state feels that they have a use for the property that is for a valid public purpose and adds value to surrounding properties.
We have a number of property rights issues before us in San Luis Obispo County and they are on the minds of clients who are searching for homes in Paso Robles, Templeton and A-town. We have seen the issue of Ag Cluster ordinances being debated and tabled for later consideration, water rights are being debated in Paso Robles and smart growth initiatives that present new challenges in deciding how we will grow as a county continue to get discussed. It will be important to monitor these cases as municipalities look for creative ways to support their bloated budgets. Or, as my father would say – ” don’t let the camel get his nose under your tent – you’ll never get him out”. I’m still not sure what that means but I think it can be applied here.
Ken Bryant, Real Estate Broker 