Mayor Bloomberg warns that without the power of eminent domain, New York City could lose millions in private investment and thousands of jobs.
Mayor Bloomberg entered the national debate on eminent domain at a ground-breaking ceremony in Times Square: "You would never build any big thing any place in any big city in this country if you didn't have the power of eminent domain. You wouldn't have a job, neither would anybody else standing here today." Times Square was redeveloped in part by condemnation of private property. New York City officials warn that the passage of the anti-eminient domain legistlation in Congress will severely damage the City's economy. If passed, federal legistlation will also stop all federal economic development funds to local governments for up to two years if they use eminent domain in private development projects.
Thanks to Mary Reynolds
FULL STORY: Bloomberg Says Power to Seize Private Land Is Vital to Cities
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