Confiscate land and charge back rent for the years the owners fought confiscation. In some cases, their debt could amount to hundreds of thousands of dollars. Moreover, the homeowners are being offered buyouts based on the market rate as it was in 2000.
I have to wonder how such a “deal” can be considered “just compensation”. Just imagine someone in my next of the woods (Los Angeles) who purchased a house just before 2000, enjoyed living in it as (s)he paid interest to the bank on the mortgage, and really enjoyed the fact that the value of the house increased from say $500,000 to $700,000. And supposed the city decided that Amgen should be allowed to not only purchase this house for $500,000 but also deduct the market rental rate for the property for the past five years. Would Amgen even be required to rebate the interest on this person’s mortgage?
The only folks in the world who might think such a scheme approximated fair market value are those Social Security privatization types who write for the Club for Growth. But I’m being unfair – not even the Club for Growth would consider what the New London Development Corporation is proposing to be reasonable.