Bob's Links and Rants

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Tuesday, August 23, 2005

Pay rent on your own home

That's apparently what the unlucky homeowners of New London, CT will have to do after the Supreme Court's atrocious 5-4 Kelo decision in June ruling that New London could use eminent domain to take their houses on behalf of a private developer. The city decided to use eminent domain back in 2000, and the residents have been fighting it ever since. Now that they've lost in the Supreme Court, the city intends to pay them the much lower year 2000 price for their homes--AND charge them rent for the five years since. Property owners who have been renting the houses out will have to turn over all rent proceeds for the five years to the city.

While the illegal Gaza squatters are evicted with hundreds of thousands of dollars in cash and free rent for two years, the losers in the Kelo decision are thrown onto the street with little or no money in the face of a housing bubble--and without nearly as much media coverage.