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Monday, June 27, 2005

Give the Kelo Homeowners The Profits

Back to my earlier post on the speculative benefits claimed to be the expected result of the eminent domain takings by the City of New London, successfully received by the Court in Kelo, economist Don Boudreaux of Cafe Hayek suggests the following:

So why not base the calculation of the just compensation (owed by the thief-politicians of New London to their victims) on the City’s own estimate of the dollar value of these "appreciable benefits" that its thievery is expected to yield?

That is, if the City expects that its thievery will yield $X million in economic benefits, just compensation (given that the theft now enjoys the Supreme Court’s approval) is approximately .95 ($XM). Let the City keep about five percent of the additional value it expects to be created. Given current low interest rates and the fact that the City (ostensibly) is a not-for-profit outfit, the City should be quite content to keep a full five percent of this booty.

I like this idea that the price people will receive from the forced sale and move should contain a large premium. Besides the emotional trauma of any move, the financial set-back of moving expenses, the time expended in finding a new home in an escalating real estate market and the fact that this was not an intended move in the first instance, the government should pay people for the coercive removal. I believe Ariel Sharon is doing the same for its Gaza citizens being removed.

2 Comments:

At 3:44 PM, Anonymous Anonymous said...

Why not give a piece of the profits to those whose land is perceived to be and then is magically, alchemically transformed into wealth for somebody else? Conservatives on this issue should be acknowledged as being for the little guy. Stand up and take a bow. What's the theme of this blog--slaying despots or something along those lines? Keep punching, ye bloggers!!!

 
At 6:31 PM, Anonymous Anonymous said...

What a great site » » »

 

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