patrick.net

The redevelopment racket that has been going on across the country since the 1970s has finally run into some real resistance.

What is redevelopment? I quote from Wikipedia:

"The fundamental tools of a redevelopment agency include the authority to acquire real property, the power of eminent domain, to develop and sell property without bidding and the authority and obligation to relocate persons who have interests in the property acquired by the agency. The financing of such operations might come from borrowing from federal or state governments and selling bonds and from Tax Increment Financing."

As one can see from the description, redevelopment permits an agency to take (read: steal) property from private owners, use taxpayer funds to bankroll the speculation, and then give it away to developers for cheap in no-bid sweetheart deals.

Good riddance to redevelopment, if you ask me.