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Wednesday, 31st March 2010

Land-Grabs Put Entrepreneurs, Poor in Dire Spot

Land-Grabs Put Entrepreneurs, Poor in Dire Spot
Source: Competitive Enterprise Institute

When government seizes land from private owners to serve a purpose preferred by bureaucrats and big business, it directly harms potential entrepreneurs. Thatís the finding of a new report from the Competitive Enterprise Institute, This Land Ainít your Land; this Land Is my Land: A Primer on Eminent Domain, Redevelopment, and Entrepreneurship.
...
Eminent domain has been a political hot button issue since 2005, when the U.S. Supreme Court upheld the City of New London, Connecticutís decision to condemn several parcels of residential property using governmentís powers of eminent domain. City officials wanted a comprehensive redevelopment plan to support a new research facility of pharmaceutical giant Pfizer. The research facility has since been shuttered, and the increased tax revenue and revitalized river district promoted by city officials didnít materialize. Now, the land is home to a large vacant lot.

The report examines other such scenarios that have played out nationwide, and calls for government to stop abusing eminent domain power and allow market incentives that promote economic development.

+ This Land Ainít your Land; this Land Is my Land: A Primer on Eminent Domain, Redevelopment, and Entrepreneurship


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