Richmond, CA - City's attempt to steal homes from banks
Just saw this. City's attempt to steal property from banks on "behalf" of tenants using eminent domain. Also looks like city has partnered with a consulting company to perpetrate this via crony capitalism (Or: City offers bounty for looting banks)!
Where is the guarantee that the homeowners will stay when their property values drop to $100K? I hope Richmond isn't banking on an extra $24M in revenues.
I love how MRP is set to pull in $2.7M for managing the deal. Is this fee paid by the homeowners or the tax payers? Sit back push the paper and rake in the cash.
*Spoiler*
http://www.youtube.com/watch?v=7d3iVaGfE...