George Will gets off the best pithy summary of Kelo...
The question answered yesterday was: Can government profit by seizing the property of people of modest means and giving it to wealthy people who can pay more taxes than can be extracted from the original owners? The court answered yes.
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And that's what it comes down to. Your municipality can force you and your neighbors out of your own homes and replace your entire neighborhood with yuppie townhomes and condos in order to increase property tax revenues.