There is a perfectly good method of property redistribution in USA law called "adverse possession." In essence, if you use a piece of property belonging to someone else for a fixed time it becomes yours, against the will of the rightful owner. That time can be anywhere from 7 to 10 years depending on the jurisdiction. It comes out of common law.
The idea is if someone is simply not using real estate, then someone else can put it to productive use and keep it. It's a great idea. Sharia law has the same thing, but a mere three years of non-use means the property is up for grabs.
If Flint Michigan has 40,000 empty lots, then the owners really have abandoned those properties and the adverse possession, from common law, can take care of the problem. But those whose ideas led to the economic bust have a "neat idea" for the rest of us, they call it lank banking, but I think they mean land banking:
But the land banks are late to the game, because land banking is what is driving the new housing bubble. Here is what is happening: pay cash for the house, rent it out, use the equity to get a loan to buy the next, when interest rates are near free. Can't go wrong. In 2013, Sixty percent of home sales were all cash.
Except, if you are the poor fool who does it with 2 or 3 houses, when the bust comes, you are sunk. The Goldman Sachs folks who are doing it with billions of dollars are doing it with other people's money, and when it goes bust, they will keep the profits, and the taxpayers will cover the losses. Since no one went to jail before, it will happen again. Count on it.
Rent, and wait.
Update: We want to bring democracy to the Middle East. Here is an example why they fight us... who wants this in their country?
The idea is if someone is simply not using real estate, then someone else can put it to productive use and keep it. It's a great idea. Sharia law has the same thing, but a mere three years of non-use means the property is up for grabs.
If Flint Michigan has 40,000 empty lots, then the owners really have abandoned those properties and the adverse possession, from common law, can take care of the problem. But those whose ideas led to the economic bust have a "neat idea" for the rest of us, they call it lank banking, but I think they mean land banking:
One notable strategy being used nationwide to contest property abandonment is lank banking. Land banks are public authorities created to acquire, hold, manage and develop vacant properties. Land banks aim to convert vacant properties that have been neglected by the open market into productive use, thereby transforming neighborhood liabilities into assets."Public authorities" are then in position to reward cronies with prime property without having to mix their labor with the property, which is the entire point. Their ideas bring more chaos when anarchy would bring order out of chaos.
But the land banks are late to the game, because land banking is what is driving the new housing bubble. Here is what is happening: pay cash for the house, rent it out, use the equity to get a loan to buy the next, when interest rates are near free. Can't go wrong. In 2013, Sixty percent of home sales were all cash.
Except, if you are the poor fool who does it with 2 or 3 houses, when the bust comes, you are sunk. The Goldman Sachs folks who are doing it with billions of dollars are doing it with other people's money, and when it goes bust, they will keep the profits, and the taxpayers will cover the losses. Since no one went to jail before, it will happen again. Count on it.
Rent, and wait.
Update: We want to bring democracy to the Middle East. Here is an example why they fight us... who wants this in their country?
The retired Marine sergeant lost his house on that summer day two years ago through a tax lien sale — an obscure program run by D.C. government that enlists private investors to help the city recover unpaid taxes.Feel free to forward this by email to three of your friends.
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