'Eminent Domain for the People' Leaves Wall Street Furious
Housing justice advocates hopeful about innovative Richmond plan to use public seizure laws to save underwater homes from foreclosure
According to a recent report by Sarah Lazare, staff writer for Common Dreams:
Using the authority of state government to actually help people has Wall Street bankers in a panic, spurring threats of aggressive legal retaliation against the town of Richmond, California simply for trying to help some of its struggling homeowners.
'Eminent domain' has long been a dirty term for housing justice advocates who have seen municipalities invoke public seizure laws to displace residents and communities to make way for highways, shopping malls, and other big dollar projects.
But in Richmond, city officials are using eminent domain to force big banks to stop foreclosing on people’s homes in an innovative new strategy known as ‘Principle Reduction’ aimed at addressing California’s burgeoning housing crisis.
Read the full report here.