IMHO if, and hopefully it’s a very large if, the City of Richmond goes through with its eminent domain seizure of property it will stop any recovery in the nation wide housing market.
After all, what bank will make any loans to anyone who needs a mortgage to buy a home? Remember banks, like any other business need to make a profit (they too have bills and taxes to pay). Financing loans that get stolen from them means they will lose money, in large scale lots.
In this future environment, the only people who could get a home loan are those who could buy the property, for cash, outright.
I find it interesting that the dimocratic push for everyone to be able to buy mansions regardless of their financial ability may come crashing to earth by the actions of a greenie.
The seizure requires payment under eminent domain.
The city doesn’t have the money needed to purchase the property