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Richmond, CA is first municipality to use eminent domain on underwater mortgages. Richmond, California’s leaders approved a controversial plan earlier this month to become the first municipality in the nation to use eminent domain to rid itself of underwater mortgages.The plan was approved by the Richmond city council 4-3 following a long and contentious public meeting that began on a.
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The City handed over its power of eminent domain-the ability to take private property for public.. Choice Looms for New London City Council: Abide by Governor's Call to Return. Richmond Times-Dispatch | April 9, 2018.. It also made the ultimate determination on which developer would build the proposed projects.
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The state Senate approved the amendment 23 to 17, and the House of Delegates passed the measure with an 80 to 18 vote. eminent domain snapped into the public conscious back in 2005 when the U.S..
After a seven-hour meeting that dragged into early Wednesday morning, the Richmond City Council voted 4-to-3 to continue pursuing its plan to condemn underwater mortgages using the city’s eminent domain power. The development is just the latest in an ongoing and high-stakes dispute over a novel property law argument.
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The proposal would have the City of Richmond acquire more than 600 underwater mortgages at fair market value, possibly using eminent domain powers if creditors refuse to sell. Usually, eminent domain powers are only used by governments to seize properties that stand in the way of planned roadways or other infrastructure projects.
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prepare and propose a charter for the government of said City of Richmond; and. Whereas. said City of Richmond voting at said special election, voted in favor of and duly ratified.. To exercise the right of eminent domain for the purpose of.
Breyer agreed Wednesday finding the case premature since Richmond has not yet exercised eminent domain and might not do so in the future. Pursuant to state law, the city cannot move forward with the plan without a supermajority vote from Richmond’s City Council to use eminent domain. No such vote has taken place yet.