A Tale of Two (or more) Cities: Can the Government Use Eminent Domain to Save Homeowners from Drowning In Loan Debt?
This is a loaded and, to date, not a fully answered question. However, the idea has support from a Cornell University Law Professor and at least two cities within the last year, Irvington, New Jersey and Richmond, California, have considered implementing such a plan. Irvington, New Jersey and Richmond, California could not be much further apart geographically, but both have suffered the same economic woes that would find this type of plan attractive. Irvington falls within the New York City metropolitan area. At one point, Irvington was ranked 17th nationally in population density. Several have moved out of Irvington with the population falling from 60,000 in 2000 to 53,000 in 2010. Irvington's biggest problems are high unemployment, crime, and blight. Since 2008 nearly 1800 homes have been foreclosed. Richmond, California is located near San Francisco. Its economy is made up of heavy industry and shipping and while Richmond has actually seen its population increase