time is running out..

> Whether economic development is done well is a legislative concern:
if > it isn't being done well, elect new representatives.

Things aren't always so pretty in the real world. We all know how
cheaply politicians can be bought. The developer profits handsomely
from the emminent domain invocation, and the politician either
benefits handsomely from campaign donations, publicity, or more likely
an increase in their power base by helping powerful "friends."

If the development doesn't deliver the promised goods, sure, the
citizens can elect new politicians, but the original property owners
are still the injured parties, and likely the new politicians, still
using the same process, will embark on new misadventrues.

The heart of the issue is whether gov't is better suited to make
private sector economic decisions than individuals. If you think it is
then really there is little to hinder the gov't intervention in the
private sector. They should pick a favored automobile company to
invest in and compete against the others, a favorite grocery chain,
favored insurance companies, etc, because the politicians can use the
public treasury to add value to the chosen companies in the same way
that they can confiscate land from an unwilling owner and hand it to a
favored developer.

If there is added value in a proposed property development, why must
the developer reap the bulk of the added value? Sure, they bring a
plan, and tools needed to realise that value, but the property owner
has something just as valuable, the land. If in negotiations the land
owner wants to realise a higher valuation on their property the
developer now has a bludgeon to use in response - it is cheaper to buy
off politicians, plus you get the added benefit of developing a
long-term relationship with the politician.

I think the crux of the issue is the subjectivity of economic
development as a public good. A highway, a school, an airport, are
obvious to all and one party doesn't profit from coercing a land sale.
That's what is getting under people's skins.

TangoMan