Richmond City Council voted to move forward with its plan to utilize eminent domain on Tuesday, but one commentator is not convinced, suggesting it would be wise to be a skeptic. Per Inside Bay Area:
The harm caused by the program won't be limited to Richmond's housing market, however. Proponents of the program have argued that the loans will be seized from "big bank" or "Wall Street investors," but the truth is that more than one-third of the roughly $1.3 trillion in the securities targeted by the program are held by pension plans, annuities, mutual funds and more.
Bottom line: We simply cannot afford to be the guinea pigs for an untested and constitutionally dubious plan that will end up hurting current and future homeowners. I urge Mayor Gayle McLaughlin and city leaders to reconsider before it is too late.
