What needs to be done is demanding that developers pay the potential land value, not the city assessed value.
A parcel of land worth 500K, with a potential to developers of 50 million, needs to be negotiated from that point. Not the 500K.
Exactly. If a local government wants to seize property to build an office park, the current owners of the property need to secure formal bids on their land from developers of luxury residential towers (or any other high-end land use) to serve as the basis of any negotiation for the value of the land.
If New London says my property is worth $150,000 under their "redevelopment scheme" and Big Expensive Sh!t, Inc. says they're willing to pay me $800,000 for it, then New London ought to pay me the $800,000.