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