Property Law (8 pages)

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Property Law



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View Full Document

Property Law

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20


Lecture number:
20
Pages:
8
Type:
Lecture Note
School:
Cornell University
Course:
Econ 4040 - Economics and the Law
Edition:
1

Unformatted text preview:

Econ 4040 1st Edition Lecture 20 Outline of Previous Lecture I Haugan Current Lecture II Review Property Law Takings Stuff 5 Amendment th No person shall be be deprived of life liberty or property without due process of law nor shall private property be taken for public use without just compensation Cases Kelo v City of New London Facts City of New London is blighted To develop the place economically and improve everybody s quality of life the City of New London makes an economic development plan They want to take pieces of property with low value purchase them and resell to private developers to help with making the city overall better Kelo doesn t want to let New London take the property with just compensation SCOTUS hears the case Kelo s Argument in a Nutshell because private intermediaries get the property the property is not being taken for public use property rights of the owners really important New London s Argument in a Nutshell The economic development is for the broader public Public benefit Public Use SCOTUS New London prevails Key concepts meaning of public use Property rights of owners vs social welfare Goldstein v NY Urban Development Corporation Brooklyn Barclays Center Case These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Facts Goldstein lived in Brooklyn Not a particularly blighted area In Brooklyn not Connecticut Otherwise facts are the same as Kelo Key concepts Public use property rights of owners vs social welfare Pennsylvania Coal v Mahon Facts Regulators Kohler act say you can t mine coal Coal mine right holder sues Says completely devaluing the property is a taking Holmes Agrees with the argument because it amounted to a complete wipeout of the value of the property Total diminution or elimination of the value of the property interest Total diminution in value because mine rights are separated from the rest of the property rights Under



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