De Blasio ally open to city seizing foreclosed homes from banks (New York City)

The New York Post ^ | November 15, 2013 | Yoav Gonen

[2ndDivisionVet]

The most left-leaning candidate for City Council speaker says she would consider using eminent domain to seize homes that are in foreclosure from banks – a move that could leave taxpayers subsidizing the mortgages.

Melissa Mark-Viverito (D-Manhattan/Bronx), a close ally of Mayor-elect Bill de Blasio, said she was open to the proposal when asked about it during a forum in Queens Thursday night featuring five main contenders in the race for speaker.

“The idea of using eminent domain in a reverse way… as a way of seizing those properties from the bank as a way of making those homes affordable for people that want to stay in their communities I think is something we should look at,” said Mark-Viverito, a top contender for the powerful role. “I think it’s innovative, it’s creative … nothing should be off the table.”(continued)

[lowbridge]

This idea is bound to be proven a disaster

[GeronL]

these people aren’t too smart about cause and effect are they?

[FreeAtlanta]

Leviticus 25:10
Consecrate the fiftieth year and proclaim liberty throughout the land to all its inhabitants. It shall be a jubilee for you; each of you is to return to your family property and to your own clan.

[trisham]

You shall not covet your neighbor’s house;
you shall not covet your neighbor’s wife,
or his manservant, or his maidservant,
or his ox, or his ass,
or anything that is your neighbor’s.

[FreeAtlanta]

It has nothing to do with coveting. Our system is broken (via, Cloward and Piven stategy). We need a reset and some firm laws in place to keep congress and the president from getting us back in this horrible 17 trillion dollar debt.

[CodeToad]

They still have to pay those banks market rates.

[bill1952]

Can’t be done. Even eminent domain is a legal action and process that has to go by the laws that govern such seizure.
That cannot be done other than fair market value and even that can be successfully challenged.
It will cost billions

[Lazamataz]

Full-on, no-holds-barred Communism.

I actually thought it would start in Kalifornistan, but New York doesn't surprise, either.

[newfreep]

Sorry.....but communists don’t need no steenking law!

obamatollah ignores and rejects the Constitution and bankruptsy laws (see GM & Chrysler Secured Bondholders).

Eminent domain is child’s play...

[St_Thomas_Aquinas]

Full-on, no-holds-barred Communism.

I'll give them NYC. It's the abortion capital of the world.

[TBP]

If they want to do that, start with abandoned buildings, renovate them, then sell them to low-income people for a fee that is affordable but noticeable. Watch how the quality of housing improves.

[Jane Long]

What part of seize says there will be payment?

[PLMerite]

Yes, and Obamacare was unconstitutional, too. How’d that work out?

These days I’m surprised that the laws of physics still work.

[bert]

Bankers are known for makingdeals

Wonder if they let contracts?

[Zhang Fei]

What part of seize says there will be payment?

The most left-leaning candidate for City Council speaker says she would consider using eminent domain to seize homes that are in foreclosure from banks – a move that could leave taxpayers subsidizing the mortgages.

Without payment to the bank, no subsidy is necessary - it would be a straight transfer from bank to mortgager. Besides, eminent domain *always* requires a market price payment - the only issue is how the market price is determined. What is in contention with most eminent domain cases is that holdouts think the property is undervalued at the current market price. In many and perhaps the majority of cases, the holdouts are right.

[bert]

The city has to borrow.

Piss of the banks and the funds will dry up

[Jane Long]

My mistake -- that IS a bank bailout, then...compliments of the taxpayers.

The last one out of NYC, turn the lights out.

[Pearls Before Swine]

Personally, I am ready for an international year of Jubilee.

I know what you mean, but consider this: If you have any savings, they will melt away with the debt in a Jubilee. One man's debt (liability) is another man's (or banking intermeidary's) asset.

There would be tremendous deflation, and the effects (and bankruptcies) would be unevenly distributed.

[taildragger]

Redistribution!!!!! NY has no idea whats coming.

Oh I think they do... I don't follow popular culture like many do, but in passing I noticed, haven't a couple of hip-hop moguls and or Hollyweird types put their places in NY city up for sale the last couple of weeks? Hmmmm......

[45Auto]

It did start in California - the City of Richmond, CA has a nice Green Party mayor and she proposed the idea some time ago.