Watch those parking lots disappear

Since your local government is now allowed to take Citizen A’s property and sell it to Citizen B because the government believes Citizen B will generate more tax revenue, I predict it’ll be less than six months before the City of Cleveland snatches up the privately-owned parking lots in the Warehouse District.
Cleveland’s downtown area is badly run down, and the city government has been unsuccessfully trying to spur growth there for decades. The owners of those downtown parking lots have long refused to sell them to developers (who want to build apartments and condominiums), because the parking lots are much more profitable than other uses would be. But now that the U.S. Supreme Court has removed all restraints from the government’s use of its eminent domain power, Cleveland will grab those parking lots for a song, then turn around and sell them to somebody willing to build some glitzy high-rises that’ll generate higher property taxes than the city currently collects.
You heard it here first.

One comment

  1. Linda F

    I wouldn’t mind so much if the parking lots that involved tax rebates were seized. There were a lot of them about 20-25 years ago, that were given special accomodations, but never built the hotels or other buildings they were supposed to.