Posted on 11/15/2013 2:06:55 PM PST by 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)
(Excerpt) Read more at nypost.com ...
Here we go. The commies have completely taken over NY. Oh, wait a moment. That happened long ago. The only difference now is that don’t have to pretend to be something other than commies anymore.
Why seize houses from the banks, seize the banks.
Escape from NewYork, from a fiction book to reality.
Moscow on the Hudson.
Most co-op boards I know of have rules that restrict sales to prospects at risk of bankruptcy. I suspect that this will not be a problem in high end co-ops and the few “shares” at risk will be bought by the shareholders as a whole rather than risk values of all apartments/shares.
Parts of the Bay Area in California are already doing such.
The bank gets paid Fair Market Value. Or do these people think that Eminent Domain means yo take the property for nothing.
Exactly. Current fair market for the house, not the outstanding value of the loan.
They want to do this to pre-foreclosure, not to post-foreclosure. They want to do it to force the banks to forgive the debt with no tax impact to the mortgagee.
Most banks have told municipalities if they do this, they will not be able to underwrite future mortgages in the city.
yep. Already been done YEARS ago in Rochester NY (upstate) under the notorious Mayor William Johnson (affirmative action mayor) Now we have Lovely Warren who will probably make mayor “Grady” look conservative.
http://www.cityofrochester.gov/article.aspx?id=8589936012
exactly. It’s been happening since the 90’s in the City of Rochester. They have a point system where even if something is not your fault, let’s say random residents start selling crack on or near your property, the City can literally take your property away with zero compensation.
The high end ones especially do. I’m thinking more of the middle/upper middle class buildings. Where between divorce and the downsizing the finance industry/pharma/etc have undergone over the past 5 or 6 years there is more of a risk. But especially the non co-op buildings. Can you imagine buying an apartment in a high end ‘public access’ building and finding out your new neighbors were section 8 types? I guess some DeBlasio voters will be figuring that particular scenario into their future.
The bank gets paid what they want.
The leeches get to pay per their “ability”.
Other People’s Money (OPM) pays the difference.
Ain’t communism grand if you’re not the “Other People”?
I wonder how long it will take this left wing loon to ruin NYC?
How do you ruin a steaming pile of....
“Ruin” it. How could it be worse than at present?
I was thinking about the improvements in the city during the Guiliani era (which largely carried over under Bloomberg), especially as it relates to crime rates, versus what came before under Democrats like Dinkins.
It can get much, much worse.
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