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March 21, 2006

Amusing eminent domain story

As transcribed by Atlantic Yards Report, here's an amusing little anecdote about eminent domain as told by Charles(?) Ratner at the investors special event:

So Albert tells this story. In 1950s, he was in the office, putting his coat on, he was going out of the building. His father, Uncle Leonard, said, "Al, where are you going?"

"I’m going to meet the Ohio Department of Transportation."

"How come?"

"Dad, you know the land we have on Mayfield Road. They’re going to take that and put a highway right through that land."

And Uncle Leonard looked at Albert and said, "That’s going to be terrific for our land. How much do we have to pay them for that?"

Albert said, “No, Dad, you have it mixed up. We don’t pay them, they pay us."

At this point, Uncle Leonard said, “What a country.”

NoLandGrab: As for property owners who are fighting for the right to live in their own homes, "Let them eat cake."

The Real Estate Observer observes:

Having a highway put through your living room, on the other hand, is a little different.

Posted by lumi at March 21, 2006 5:29 PM