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July 4, 2008

An economist says no eminent domain for sports facilities

Atlantic Yards Report


During the 10/10/07 hearing, Professional Sport Stadiums: Do They Divert Public Funds From Critical Public Infrastructure?, held by the Subcommittee on Domestic Policy of the Committee on Oversight and Government Reform, Arthur Rolnick, Senior Vice President and Research Director, Federal Reserve Bank of Minneapolis (but speaking for himself only), made the case against tax-exempt bonds for sports facilities, then got an interestting eminent domain question from ranking minority member Rep. Darrell Issa (R-CA).

The answer:

Rolnick: Sir, my -- my view on eminent domain and the spirit of eminent domain, it's an abuse to use eminent domain to take from one private company and give to another. Eminent domain was strictly supposed to be used to take from a -- to build a public institution, a library, a school, not a sports stadium. So I have a lot of trouble.


Posted by lumi at July 4, 2008 4:32 AM