▲ 284 ▼ The hidden culprit driving America’s apocalypse of boarded-up storefronts is the banks (www.businessinsider.com) submitted 2 years ago by return2ozma@lemmy.world to c/news@lemmy.world 43 comments fedilink hide all child comments
[–] Franzia@lemmy.blahaj.zone 7 points 2 years ago (3 children) We have something better called eminent domain. permalink fedilink source parent hideshow 6 child comments replies: [–] restingboredface@sh.itjust.works 9 points 2 years ago (1 child) That would set a dangerous precedent though. permalink fedilink source parent hideshow 2 child comments replies: [–] Franzia@lemmy.blahaj.zone 2 points 2 years ago (1 child) Yeah I'm just kidding that would be a chaotic nightmare. permalink fedilink source parent hideshow 2 child comments replies: [–] w3dd1e@lemm.ee 2 points 2 years ago (1 child) I work in commercial loans for a living. I can’t speak to other properties that aren’t securitized, but they can’t exactly just take your property without approval. there are exceptions to the rule but it would still require a lengthy and pricey legal process. permalink fedilink source parent hideshow 2 child comments replies: [–] Franzia@lemmy.blahaj.zone 2 points 2 years ago I'm glad to hear it tbh permalink fedilink source parent [–] Hildegarde@lemmy.world 2 points 2 years ago Eminent domain requires the government to compensate the land owner with the "fair market value" for taking their land. As the "fair market value" is so overinflated that no one can afford to rent the space, taking vacant properties through eminent domain is not a solution. permalink fedilink source parent [–] kemsat@lemmy.world 2 points 2 years ago 👆 permalink fedilink source parent
[–] restingboredface@sh.itjust.works 9 points 2 years ago (1 child) That would set a dangerous precedent though. permalink fedilink source parent hideshow 2 child comments replies: [–] Franzia@lemmy.blahaj.zone 2 points 2 years ago (1 child) Yeah I'm just kidding that would be a chaotic nightmare. permalink fedilink source parent hideshow 2 child comments replies: [–] w3dd1e@lemm.ee 2 points 2 years ago (1 child) I work in commercial loans for a living. I can’t speak to other properties that aren’t securitized, but they can’t exactly just take your property without approval. there are exceptions to the rule but it would still require a lengthy and pricey legal process. permalink fedilink source parent hideshow 2 child comments replies: [–] Franzia@lemmy.blahaj.zone 2 points 2 years ago I'm glad to hear it tbh permalink fedilink source parent
[–] Franzia@lemmy.blahaj.zone 2 points 2 years ago (1 child) Yeah I'm just kidding that would be a chaotic nightmare. permalink fedilink source parent hideshow 2 child comments replies: [–] w3dd1e@lemm.ee 2 points 2 years ago (1 child) I work in commercial loans for a living. I can’t speak to other properties that aren’t securitized, but they can’t exactly just take your property without approval. there are exceptions to the rule but it would still require a lengthy and pricey legal process. permalink fedilink source parent hideshow 2 child comments replies: [–] Franzia@lemmy.blahaj.zone 2 points 2 years ago I'm glad to hear it tbh permalink fedilink source parent
[–] w3dd1e@lemm.ee 2 points 2 years ago (1 child) I work in commercial loans for a living. I can’t speak to other properties that aren’t securitized, but they can’t exactly just take your property without approval. there are exceptions to the rule but it would still require a lengthy and pricey legal process. permalink fedilink source parent hideshow 2 child comments replies: [–] Franzia@lemmy.blahaj.zone 2 points 2 years ago I'm glad to hear it tbh permalink fedilink source parent
[–] Franzia@lemmy.blahaj.zone 2 points 2 years ago I'm glad to hear it tbh permalink fedilink source parent
[–] Hildegarde@lemmy.world 2 points 2 years ago Eminent domain requires the government to compensate the land owner with the "fair market value" for taking their land. As the "fair market value" is so overinflated that no one can afford to rent the space, taking vacant properties through eminent domain is not a solution. permalink fedilink source parent