Eminent domain being used for GOOD. Finally, some good news! The city of Richmond, CA is going to use the very same law that powermongers use in unprecedented land grabs, to stop bank foreclosures, thereby helping families stay in their homes.
The power of eminent domain has traditionally worked against homeowners, who can be forced to sell their property to make way for a new highway or shopping mall. But now the working-class city of Richmond, Calif., hopes to use the same legal tool to help people stay right where they are.
Richmond, where roughly half of all homeowners with mortgages are underwater, meaning they owe more than their home is currently worth. Scarcely touched by the nation’s housing recovery and tired of waiting for federal help, Richmond is about to become the first city in the nation to try eminent domain as a way to stop foreclosures.