12
Jul
2005

Taking property is bad economics

07/11/05

Private property is a cornerstone of capitalism. The protection of property rights is essential to our free enterprise system's efficient operation. When that protection is weakened, negative economic consequences invariably follow. In the well-publicized case of Kelo v. New London, the Supreme Court in a 5-4 decision ruled a local government can take private property for private economic development when it believes the taking will benefit the public. The court upheld the city's seizure of privately owned properties and the real estate's transfer to private developers to build a hotel, offices and conference center. The expected public benefits, according to the city government, were increased tax revenues and jobs, though the proposed development's financial success was uncertain...

http://www.washtimes.com/commentary/20050710-100602-2452r.htm

from Washington Times, by Alfred Tella


Informant: Thomas L. Knapp
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