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Pfizer, Kelo and the eminent domain ghost town
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Wanna get frustrated?
You might remember a Supreme Court decision in 2005 called Kelo (KEY-low) It was Kelo v City of New London, an eminent domain dispute over whether the government could take private property away from citizens and hand it over to business for development, in this case a big corporate facility for Pfizer, which was supposed to bring in jobs in the name of economic development.
The Court ruled in favor of private business rather than private citizen in what many consider one of the worst high court decisions in recent years.
The city of New London and the State of Connecticut spent $78 million to bulldoze private property for high-end condos and other "desirable" elements for Pfizer.
Pfizer has announced it's moving out of New London altogether.
The whole deal has collapsed and all those people who got thrown out of their homes got thrown of their homes for nothing. The land was, remains and will continue to be a huge empty lot where people used to live, and with none of the touted tax benefits or job creation.
FYI: The majority opinion in the Supreme Court case cited the development plan as a major factor in rationalizing their Kelo decision.
If there's any good news, it's that since the decision, 43 states have passed laws that place limits and safeguards on eminent domain, giving property owners greater security in their homes.
Moral: Economic development that relies on the strong arm of government is no guarantee of sustainable growth.
Correction: The article originally said Pfizer was moving out of Connecticut. We regret the error.
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