A classic example of how the redevelopment agency casts a dead hand on parts of our city can be seen at the Northeast corner of Brookhurst & Orangethorpe. A firm that I know has plans to purchase the properties from 6 different owners and assemble the 8 acres for a new development. They have the cash, the experience, the patience, and the price is right.
Now, however, the Fullerton Redevelopment Agency proposes to include this property into its expanded area. The owners are unwilling to sell now because they think the agency will pay more later than the private firm will pay now–which may be true.
In addition, if the agency does a “friendly eminent domain” scam, the owners get tax advantages the private company cannot offer. Of course, the eminent domain may be unfriendly if the agency won’t pay what the owners’ want.
Then, having assembled the parcels, the agency will sell at a discount–or give the land away–to a politically connected developer who will build what the RDA staff wants. Not what the market demands, but what the bureaucrats want.
This kind of micromanaging of property is what the RDA is all about. Instead of letting the market work on its own, the bureaucrats and politicians intervene. Instead of allowing willing sellers and willing buyers to create a privately-funded project–they want to use your tax dollars.
Instead of letting private enterprises’ make a profit–and of course risk a loss–they want to socialize the whole development. This approached has failed time after time.
Isn’t it time to leave the free market alone?
