California’s 1940s-era urban-renewal policy, “redevelopment,” is coming back, which means property rights are bound to suffer. As Steven Greenhut explains, the redevelopment law was designed to revive inner-city neighborhoods by giving city planners extra powers to invest tax dollars and direct development decisions in areas that were deemed to be blighted. But it morphed into a financial sleight of hand, whereby officials subsidized auto malls and hotels to divert tax revenues that would go elsewhere.
GET REASON MAGAZINE
Get Reason's print or digital edition before it’s posted online
- Peter Suderman: Obamacare's 12 false premises and broken promises. Plus: The long, tortured quest for a conservative health policy.
- Consumers should drive medicine
- Jacob Sullum: Prosecutors disarm defendants by freezing their assets
- Ronald Bailey: The Aloha State’s dishonest anti-biotech campaign