Interchange: Is eminent domain necessary for revitalizing cities?

Samuel Staley has written a piece on the Planetizen Interchange blog about whether eminent domain is a necessary tool for urban redevelopment.

Staley argues against the use of eminent domain, saying that "eminent domain proceedings don’t compensate for unrealized expectations or plans by the property owner".

I actually (gasp) agree with Staley on this one and have had many arguments on this subject.

I have always held that "market value" is just a number based on similar transactions, but does not reflect the true price of what a property is worth - what a buyer is willing to pay and what a seller is willing to accept.

If the transaction isn't voluntary, then you are not meeting the seller's value.

Staley is the director of urban and land use policy for the Reason Foundation, a non-profit libertarian think tank.