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March 23, 2008
Atlantic Yards Eminent Domain Abuse Scheme Confronts Reality
From the NY Libertarian Party Chairman on Ground Report:
Let us cast a Libertarian eye on Ratner's scheme as it unravels.
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Eminent domain abuse transfers the private property of the current property-owners to the favored private developer. Libertarians identify this as legalized theft.Developers like Ratner frequently get tax-exempt government guaranteed bonds or in some cases outright grants. Once again, Libertarians describe these as legalized theft.
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Government intervention in economic development distorts the market. Eminent domain distorts the price that the developer would pay for real estate, artificially lowering the purchase price. Government economic development schemes artificially encourage certain plans that are favored by politicians and bureaucrats. This is especially true with corporate sports welfare like the Brooklyn Nets Arena aspect of the Atlantic Yards development.
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Libertarians call for the abolition of sports welfare. No taxpayer funds or eminent domain for sports teams. We say separate sports and state.
Posted by lumi at March 23, 2008 8:53 PM