Sunday, February 3, 2008

Will the State Really Use Emient Domain?

If this decision fails appeal...will the state actually seize the properties in question? The court indicated that the Atlantic Yards "deal" does have the odor of corruption and impropriety. Knowing this, will the state still proceed? If the actions of the ESDC are any indication -vigorously defending the deal in court, then we can guess, yes. But with the new financial and credit realities emerging everyday, this further tarnishing of the ESDC and Spitzer's already tarnished administration nay not be a wise idea, and might serve no purpose but to add another negative mark to Spitzer's report card. In short, Atlantic Yards has never a good investment for the state to make in both financial and moral capital, but with the credit and real estate markets in their current state, it may not be worth it.

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