Captain Corruption\'s Commentary

Tuesday, August 16, 2005

New London to Kelo seven: Pay up back rent!

Lost in the outrage over eroded due to the Kelo vs the City of New London ruling was, well, even more outrage! Seven residents of New London fought the law for five years, all the way to the Supreme Court, and predictably the law won. The city of New London was attempting to condemn their properties and evict them from their homes via eminent domain to make way for a hotel, conference center, offices, and upscale housing catering to nearby Pfizer Corp. The 's landmark ruling in the case granted the city of the right to this governmentally forced transfer of private property to a separate private entitity based on the unprecedented notion that more tax revenue could be generated from private entity number 2. And then the case took a turn for the worse...

The New London Development Corporation, the entity overseeing the tossing of folks from their homes, is insisting that the seven property owners that dared to take their case to court now pay five years of back rent on the properties they owned. That's right folks, now that the case is settled the City of New London is taking the position that the property was rightfully theirs five years ago and these folks were squatters on their OWN LAND and therefore owe the city back rent. Adding insult to injury the city still intends to offer up payments on the property values as of the year 2000 even though the continued appreciation in the means the properties are worth considerably more in 2005 than they were in 2000.

"I can't replace what I have in this market for three times [the 2000 assessment]," said Matt Dery, one of the losing homeowners. "It's a lot like what I like to do in the stock market: buy high and sell low."


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1 Comments:

Anonymous Les Puente said...

This is very informative. I hope to see more in the near future

12:19 PM  

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