Pols Call for Use of Eminent Domain to Stop Home Foreclosures

Paula Duran, New York Observer, June 25, 2014

Council members Donovan Richards, Daneek Miller and Mark Levine rallied with activists and academics on the steps of City Hall today to call on the city to use eminent domain to stop home foreclosures.

They discussed a new report by the left-leaning New York Communities for Change (N.Y.C.C.), which revealed that thousands of African-American and Latino homeowners were still at risk of losing their homes due to foreclosures and underwater mortgages.

Mr. Richards, who represents areas like southeast Queens and the Rockaways that were hard-hit by the foreclosure crisis and Hurricane Sandy, went straight to the point.

“I’m here because I think the people need their bailout. Didn’t the banks get their bailout? So why can’t the people get a bailout?” Mr. Richards said. “Today I stand with N.Y.C.C. to call on New York City to use eminent domain to really seize these mortgages and make a difference in the lives of New Yorkers.”

{snip}

“When there is a compelling public interest, the government can pay fair market value for property to put it to another use,” Mr. Levine declared. “The city through eminent domain could pay fair market value for the property, the city could take them over and work out, refinance on the loan. That would be fair to families.”

{snip}

Topics:

Share This

We welcome comments that add information or perspective, and we encourage polite debate. If you log in with a social media account, your comment should appear immediately. If you prefer to remain anonymous, you may comment as a guest, using a name and an e-mail address of convenience. Your comment will be moderated.
  • Truth Teller

    This would be a sort of ownership section 8. The government would take over the loan, lower the interest rate to .25 percent or nothing at all, forgive all late payments and non payments and the blacks and browns would be owners although with no hope of ever paying off the mortgage.
    Like minority SBA debtors, they would probably be exempt from property taxes. The White homeowners with conventional bank mortgages would presumably have their property taxes raised to make up for the shortfall. Whites would once again depart enmasse for the suburbs. The state governments of NY, New Jersey and Conn. would raise taxes for everyone in the 3 states to cover the black and brown non taxpayers of NYC.

  • When did eminent domain stop applying only to real property and start applying to abstract property? Even if ED does apply here, the city/county/state/Feds have to give the property owner “fair market value,” and in the case of the mortgage, there is a very clear and obvious and easy to discern fair market value — The remaining principal balance on the mortgage. If this happens, then TARP will appear cheap by comparison.

    The banks were bailed out largely due to the losses they incurred mainly because of affirmative action mortgages.

  • MekongDelta69

    They discussed a new report by the left-leaning New York Communities for Change (N.Y.C.C.)

    I love that phrase – “left-leaning“! They’re NOT “left-leaning.” They’re a Marxist group. Look them up.

    Btw, almost ALL of NYC is “left-leaning.” Led by the biggest “left-leaner” of all – Comrade DeBlackio.

  • JackKrak

    Any organization that is described as “left-leaning” is surely to the left of Stalin just as anyone described as “right-wing” is what normal people of fifty years ago would describe as “politically neutral”.

    • Einsatzgrenadier

      “Left” and “right” doesn’t mean anything any more. These days, the only thing “left” and “right” stands for is white genocide.

  • WR_the_realist

    This means that banks are not allowed to recover any significant part of the loans that they made.

    Having swallowed this big loss, the banks will then have their arms twisted by government to make new loans to the same sun people who ripped them off the first time.

    • Pro_Whitey

      Yes, who provides the financing for the eminent domain taking?

  • Tarczan

    Blacks have rolled through the Cleveland suburbs destroying city after city via government insured loans and Section 8. East Cleveland, Cleveland Hts, Garfield Hts, Shaker Hts, Euclid, Bedford, Bedford Hts, Maple Hts,. Those communities are all on the east side, they are now starting their attacks on the west side, as they are busy in Lakewood and Parma.

    They were particularly efficient in Maple Heights, turning that city in about ten years. Some of the elderly white residents still don’t get it, it’s so sad. Parma will be something, it’s a large city of 80,000 with a lot of housing that is ripe for Section 8. Parma recently had a rape in their High School courtesy of a darkie.

    All those New York neighborhoods are already gone, all that remains is for YT to pay the mortgages, which is what’s up.

    • Alexandra1973

      I always thought Shaker Heights was pretty affluent. Guess they have Section 8 there now, huh?

      Last time I’ve been to Parma…long time ago. I see Parmatown Mall on the Dead Malls site. I’m actually not too far from Cleveland.

      • Tarczan

        Shaker Hts. still has some very affluent areas, but more and more those people send their kids to private schools, H-B or University. There are sections of SH that are almost all black. I can’t imagine paying shaker property taxes and then paying those private school tuitions, but I know people that do.

        Parma is somewhat like Shaker in that it has a mix of property values, but none of the very expensive areas. A lot of the areas in Shaker are so exclusive that as long as they use private schools, they are good. The problem Parma has is they have a lot of apartments and entry level homes that are already yielding to the onslaught of Section 8. It will be a real mess when Parma turns, and it is starting.

        • r j p

          So Parma, the city of that TV show is done?

          • Tarczan

            No, Parma is still mostly white, but the integration process has begun. There are a lot of apartments and lower priced homes in Parma that will make Section 8 an option for darkies.

    • r j p

      My cousins grew up in Mentor (now live in FLA), is it done yet?

      • Tarczan

        No, Mentor is still almost all white.

  • Ngati Pakeha

    You have to also remember that whoever eats up the loss; whether it be the bank or the entity invoking eminent domain, will lead to the loss being recovered from other sources. That’s right it will ultimately be the honest property owner/taxpayer and we all know who that means.

    • Zaporizhian Sich

      Worse, eminent domain will sooner or later be used to confiscate white’s property without giving them anything for it. In other words, it will be used to commit state sanctioned stealing of whites homes and land.

      • Ngati Pakeha

        Sad but true. It’s amazing how we are paying for our own demise. I use to think that talk of their being someone in the background pulling strings was the domain of kooks. Watch the film “They Live” if you haven’t already. Someone was way ahead of their time.

        • Zaporizhian Sich

          I have watched that movie, as a child. I’ll never forget it.

      • Can’t be done using E.D. law.

        • ElGringo

          A lot of things can’t be done in accordance with the law but that doesn’t stop them, does it?

    • propagandaoftruth

      If the gubbamint had given tax breaks for builders to construct starter homes that struggling types could afford, perhaps everyone would own a house now.
      But no. Gubamint, in her inscrutable “wisdom”, just made banks loan irresponsibly to schmuks whose only choice for a home was an overpriced mcmansion.
      Perfect storm indeed. Messianic democratic totalitarianism at it’s
      “finest”.

      • r j p

        Barack Obama was on of the instigators in that. Bank lending rules became weird. Lend 50 miles to north must lend 50 miles to south.

        • propagandaoftruth

          In fact, not at ALL abnegating the sleaze of the banking “industry” – whoever “controls” it – but…

          On the other hand the banks WERE FORCED BY LAW to do something very foolish and irresponsible, so why would they not expect the same gubbamint who told them to “do this” to…

          Bail them out when it all went to poopyland in a crapbasket, you know?

          Like I said though…if duh gubbamint had encouraged BUILDERS to build reasonable, well designed STARTER type homes in well thought out sustainable communities…

          Might have worked. But neither faux left nor the faux right were competent enough to figure this out, nor was our civil service capable enough to assist, nor was any actor (gubbamimnt, polity, banking/finance, builder, borrower) possessed of enough foresight or delayed gratification to avoid the dookystorm of greed and stupidity.

          • r j p

            If anyone doesn’t know how the lending rules work, I can try to explain.

            If I am Little Bank of Downtown Chicago, and I write a mortgage for someone 20 miles to the north in a decent area, I have obligated the bank to write 20 miles west, and 20 miles south, those being mostly ghettos.

  • r j p

    They didn’t pay for the insurance for which they should have been paying.
    Sorry.

  • Jesse James

    Have you ever notice that the government and liberals in general always act as if blacks and other NAMs are so incompetent that they can’t manage even the most basic of their own financial affairs? Perhaps we should set aside all the bullshit PC rationalization and the elaborate pseudo-scientific theories for their failure in most every aspect of modern life and just go ahead and declare them wards of the state. Though really if this is the case they shouldn’t be allowed to continue voting. How much longer will the government and academia insist on propping up the obvious lie of racial equality?

    • Have you ever notice that the government and liberals in general always act as if blacks and other NAMs are so incompetent that they can’t manage even the most basic of their own financial and social affairs

      If the shoe fits…

      They’re noticing things without really noticing anything.

    • Einsatzgrenadier

      How much longer will the government and academia insist on propping up the obvious lie of racial equality?

      They won’t stop until white Americans become a minority in their own country.

      By the time the brown hordes are handed the reins of power, their incompetence, their stupidity will be so obvious that no one will be able to rationalize it away with pseudo-scientific theories of universal equality.

      Try believing in equality when all the lights go off every hour or the water stops running every so often during the day. You can’t blame it on white people because everybody who works at the nuclear power plant or local water treatment facility is named Paco and barely speaks English.

      • Jesse James

        I see the lights are out in Venezuela today, it even cut off a broadcast by their Marxist president.

    • MBlanc46

      “Perhaps we should set aside all the PC rationalization and the elaborate
      pseudo-scientific theories for their failure in most every aspect of
      modern life and just go ahead and declare them wards of the state.”

      I think that something along these lines will ultimately have to be implemented for a large percentage of the Negro population. It probably won’t happen anytime soon, but it’s pretty clear now to all but those who won’t see that large numbers of blacks are incapable of living without supervision.

  • Eminent domain requires fair market value for the seized property.

  • The old saw goes that once some government goes ED on your property its FMV tumbles so they can get your house from you on the cheap. However, in relatively recent years, there have been a lot of court decisions which means that FMV has to be determined based on what it would be if ED wasn’t declared.

    ED should not be used for big box mart farms, either.

  • Everyone knows exactly what I’ll do under those circumstances. I even want to do it. Nobody can just say they were “just doing their job” when they’re chilling in the county morgue next to me.

    • ElGringo

      You have the right idea.

  • IstvanIN

    Property rights have been under assault for a long time now. They can seize your land for commercial purposes now, I believe it was a Connecticut case that was settled in favor of the government seizing property for business development. You can not put certain deed restrictions on your property, even the legal one’s can be thrown out by a judge. Soon property will be seized for racial purposes, such as in Zimbabwe and SA, without compensation. The new AfroHispanic America will be a brutal place.

    • MBlanc46

      “The new AfroHispanic America will be a brutal place.”

      It already is. But it’s going to get a lot worse. Those gloomy writers predicting America in 2034 were probably not gloomy enough.

    • They can only do that to people whom they don’t fear. I am utterly convinced, and they are as well.

      • IstvanIN

        They certainly don’t fear our government.

  • Demo P. Seal; PouponMarks

    “The politician attempts to remedy the evil by increasing the very thing that caused the evil in the first place: legal plunder.”

    ― Frédéric Bastiat

    “Everyone wants to live at the expense of the state. They forget that the state lives at the expense of everyone.”
    ― Frédéric Bastiat

  • These dingbats don’t know what paying the owners of these properties fair market value means. It would mean that the mortgage-holding lenders are paid in full and that the city would instantly own a bunch of homes inhabited by deadbeats who still wouldn’t make any payments. Whether one calls it rent or a mortgage payment, a deadbeat who won’t pay one isn’t going to pay the other. They’re deadbeats.

    Put them on the street.

  • “Fair market value” can be challenged in court.