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November 16, 2007
Against Ratner's Domain
The New York Sun
By Steve Ettlinger
This opinion piece is an excellent summary of the federal eminent domain case being brought against New York State, seeking to prevent the transfer of property to developer Bruce Ratner as part of a sweetheart deal.
The underlying argument was that the arena would be publicly owned and merely leased to Mr. Ratner. Truth is, he expects a 99-year lease for the princely sum of $1. If the public really will own it, why did Barclay's Bank agree to pay Mr. Ratner $400 million so it could be called the Barclay's Arena? It seems that if the arena were truly public, taxpayers would be getting that cash, not a private developer. The state's basis in this unusual case for taking private property from one owner and transferring it to another is the declaration of blight, but these properties were never considered blighted until Mr. Ratner asked the ESDC to condemn them, and only them. Isn't that putting the cart before the horse? They are not part of an urban renewal zone — they contain many recently renovated condos that were selling for close to $1 million a piece.
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It is important to realize what's at stake here: If Mr. Ratner prevails, our traditionally sacred property rights will get trampled. And if the government follows the lead of a private developer's project, it will be a blow to the free market economy.
Posted by steve at November 16, 2007 6:23 AM