[Matrix Images] Hold Out Becomes Island
Posted by Jonathan J. Miller -Wednesday, March 28, 2007, 6:54 AM
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It is not uncommon for tenants and homeowners to refuse to move out or sellout to developers. They simply don’t subscribe to the argument by the developer that, besides the money, it is being done for the greater good. In order to apply pressure, the developer builds taxpayers, usually one story buildings with short term tenants that pay enough rent to cover the real estate taxes. The developer simply waits, sometimes for decades until they are able to aquire the site.
Here’s an old New York Times article that provides some hold-out stories.
The page one photo in the New York Times yesterday was something more surreal. The Chinese developer simply dug out around them. The homeowners in New London, CT who were booted from their private homes by eminent domain might look at this for inspiration.
