Mayor Rahm Emanuel said Tuesday that he does not support using eminent domain to seize underwater homes to refinance those mortgages at more affordable terms.
He made the statement as Chicago aldermen attended a committee hearing to learn about the proposal floated by a California firm.
"I don't think it's the right way to address the problem," Emanuel told reporters when asked about the idea during an unrelated news conference. "I don't think it's (in) the power of the city to do, to deal with the housing issue. We have a national issue. I think we have to address the issue. I just don't think that's the right instrument."