02 Dec 2005 More on Property Rights
Posted at 06:06h in Blog
Bizzy Blog has a property rights update that includes news about a New Jersey case that shows how topsy-turvy government policies can be.
In this case, rather than take property and transfer it to another entity for a more lucrative economic purpose, the government reversed the equation, taking an $833,000 home and farmland to build low- and moderate-income housing. Then it tried to stiff the family, paying them substantially less than fair market value for the property.