The city of Richmond is using eminent domain to buy properties that have existing loans that are higher than the present value. The properties are then sold back to their owners at the fair market value. The large banks and Wall Street are upset with the plan.
The city of Modesto and its citizens may also benefit from a plan similar to Richmond’s. Homes and businesses may be affected differently, but what better way is there to stimulate and attract local growth? The economy is built better by starting with a good foundation, not a bubble. Our future should use our local banks and credit unions for loans instead of bleeding money to large national banks/Wall Street.
Grow up and stop waiting for Santa Claus.