BOS deliberating eminent domain

Hi All,

The BOS resolution to institute eminent domain in cases where properties are underwater might be something the LPSF would want to follow:

http://www.bizjournals.com/sanfrancisco/blog/2014/07/foreclosures-san-francisco-richmond-eminent-domain.html

I searched, but cannot find where this resolution is now with the BOS.

Marcy

Hi Marcy! Thanks for bringing up this issue again. I followed a link to an article about the Board of Supervisors action and found your comment there, so I "liked" it and added one of my own. Also wrote Supervisor Yee (my supervisor too) about the measure and asked him not to join with the "Gang of Four" (didn't refer to them that way in my message) in getting The City involved in another "crisis." I mentioned in my message that I just received a real estate flyer in the mail the other day about a house in my area selling for over $100K more than the listing price, so not sure what being "under water" can mean in San Francisco. They're having multiple and competing "crises" at the same time!

Thanks!
Aubrey

Hi Aubrey,

I listened to Avalos summary of events regarding this proposal at the BOS meeting of July 8. He made clear that the postponement of the vote was due to the fact that the proposal was not presented in time to sway the Richmond Council votes (that vote as I recall was really close, with some Councilpeople vehemently objecting to Richmond's plan). Avalos indicated that he would be discussing the San Francisco plan and the formation of the Joint Powers Authority with the Controller and the City Attorney, and would bring the proposal back to a Board vote later this year. Interestingly, he corrected himself when he said "this resolution," making clear that the proposal would come back as an "ordinance."

This plan makes no sense at all, unless we view it as more social engineering (the Resolution as it stands now seems to be addressing only African-American and Latino borrowers), as well as groundwork for bigger property seizures in the future -- "..it is the intention of the Board of Supervisors to explore joining with the City of Richmond in the formation of a Joint Powers Authority for the purpose of implementing Local Principal Reduction and potentially other housing preservation strategies.."

Trish Cypher was great in giving us suggestions as to how we could counter this proposal. I think her idea of posing a list of very specific questions to the Board of Supervisors is something LPSF could do at minimum. I drafted such a list and will post it here later (not for endless re-writing, since the questions that come to mind regarding this proposal are literally in the thousands, but for corrections of facts and other bloopers).

Marcy