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GoddessDustyGold -> RE: Eminent Domain Ruling (4/5/2007 1:39:37 AM)
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ORIGINAL: ferryman777
Hello, I know, in Michigan, the power utility there, owns a vast number of acreage, undeveloped. Now, some years ago, the utility hiked their rates, claiming they needed the hike for the ever expanding need for heat, and the escalating costs incurred therein. The hikes rose catastropically, being at times double the house payments. All the while the utility claimed it needed more and more money to operate.
It was pointed out, that the utility owned vasts amounts of property, and since it was undevloped land, they should sell it, or whatever, to meet their money needs.
They refused, claiming they needed the property for future development projects should there be a need.
Just curious as to who pointed it oput?
I don't speak much about major entities such as utility companies. However, they are a corporate business, not a government agency. They are regulated, supposedly, by corporation commissions due to the fact that they are granted exclusive rights to, often, large expanses of the community. I don't have a choice as to who keeps My lights on. That is a big leg up for a business. So we are at their mercy to a certain extent. This is why even a vote for the members of your corporation commission are important. Yet most people do not even know who they are voting for, if they bother to vote at all. It is important that we all become more educated.
As to owning the land...well, they have a right to own it. They cannot be forced to liquidate just to keep their costs to the final consumer down. However, if the corporation commission refuses to grant the increases and they truly get into financial trouble, I am willing to bet they would liquidate other assets such as that land, rather than go down the tubes. *shrug* I don't necessarily approve of handing out monopolies, but there it is. We are living with that as a done deal. I would rather see normal marketplace competition. If I had a choice as to who gave Me My electricity, I am willing to bet that the companies would be finding more ways to get My business. Right now, they don't have to fight for it. My only other options are figure out a way to self-supply or do without.
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So, what is to prevent a city, from aquiring property, holding it, then when a high-rise investor comes along, they sell to that investor.
Absolutely nothing. In fact, I will say that I feel they are too stupid to do it. We are not talking Eminent Domain here. Cities/counties/states own all sorts of property. Some of it is siezed in drug busts or other criminal activites, most of it, particulary raw land, is lost by private owners to non-payment of property taxes. Then they let the stuff go for a song at auction. Makes My day! *Smile*
Cities and towns are not necessarily in the business of owning property for investment purposes. They are too busy collecting revenues for everyting from the gas we need to drive our cars, to the taco bell we just drive through because we are in a hurry and it's been one of those days.
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The city of Las Vegas did such a deal. The Fremont Street experience in particular.
Sorry, I am not familiar with this situation. Is this the deal you are referring to in the next paragraph? Or was that just a quick example?
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I know, a landowner, who owned a parcel, and was closed on with this eminent domain law. Now the family owned the property, since Vegas was a cowboy town. When, at a meeting, the old woman, in her 80's begged, the then mayor, to not pass a ruling on her property,not to seize it from her, and her family. The Mayor, replied "You've had the property long enough, now it's someone else's turn." So, they took the property for a pittence of it's real value.
Obviously the old woman and her family saw the potential of a real windfall profit with this developement; but........they were not permitted to partake of the loin's share.
If you own property, they want it, you are offered what they consider a fair price, if you do not sell, realizing an ivestor will pay a good deal more; the property is condemed; and they take it for near nothing.
That sounds like a sad story. Very similar to what happened to LadyEllen's Dad. I am not saying it can't happen, but were you there? Unless it was specifically written up on the records somewhere, this sounds more like a folk story that has some basis, but has been exaggerated over time. I really try not to be cynical, but this sounds like a pretty unusual and rare case. In addition, I would ask why the family didn't sell the property in the first place if it was such a great deal?
Yes, there is always room for abuse, but, again, people need to stand up and object...loudly. Read what the Ranger wrote in post #20. The whole situation sounds like a poor little old lady who got screwed by the government. Well stand up and shout about it...if it's true. Again, I don't know if this is the Fremont deal you referred to in the previous paragraph or when this took place.
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It is just like the banks, with their credit cards, once you get the card, use it, and pay as you agreed to; you may get a letter, stating an increase in the interest, usually a usury rate. They state, you have the right to disagree with their decision, and if you do not agree they will subsequently close your account, and all moneys due on the account is then due and payable.
They base their increase on reports of the credit reporting agency they use. You can disagree....but who has the money to fight the system.
Okay..here comes the unsympathetic part of Me.
Don't use the freaking credit cards. Or if you do, pay it off in full, or at least, make more than minimum payments, ON TIME. That will save you a boatload of interest, and maybe instill some discipline. If people can't live within their means, and have some credit problems, and then complain that they are being screwed by high interest rates, I can't cry a tear for them. I am not that fond of banks or the banking system. But we feed right into it by taking the bait and living beyond our means and then crying for help from the government when we can't make it.
It's called personal responsibility. Anyone can get into some honest trouble. It is not deliberate. But most of the credit problems in this country are tied into marketing and personal lack of discipline. Ya want that new plasma screen? Just charge it! Ha! Ya know, except for rare instances, if it isn't in My bank account, I don't buy it. I raised two kids as a single parent, and it wasn't always easy. No $150 Nikes, and they didn't have the $75 backpack or the new $2000 wardrobe. Guess what....they survived and became responsible adults. They are better for it, and I am not in debt.
Yes, you can disagree with your creditors. You can, and have a right to, get your credit reports annually, for FREE. You can write or visit the consumer reporting agencies and have them investigate and remove erroneous information. It take some work, and most people say they don't have the time or it is too hard. Well, this is the age we live in. It doesn't cost money. It costs time and perserverence. Americans are very stingy with their time, and most can't be bothered to perservere. *Shrug* Either don't use credit, be careful with the credit you do use, or take the consequences and deal with it.
Sorry for the hijack, since this thread isn't really about credit cards, but I did want to address that.
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