"Fair Market Value"

I'm always suspicious of attempts to determine a 'fair market value' for properties other than by seeing what they'll bring on the market. What if we determine that the market itself isn't fair?
Just a few months ago, Lopez had a contract in place to sell her 1,200-square-foot home for $265,000 so she and her daughter could move to a bigger house nearby.... Just days before the home closing, Lopez was told her home was part of an affordable housing program that Denver created in 2003.... That meant [her home] could only be sold to buyers who qualified as low income....

Lopez could only sell her home for $186,000, $79,000 less than her buyers were prepared to pay, because the city only allows its affordable housing homes to appreciate 5 percent a year.
She's been ordered to relist the home in 30 days for no more than the mandatory maximum price. By the way, the city has been taxing her on the full value of the house -- not the 'value' they insist she's required to accept for it.


E Hines said...

Sounds like a classic taking, to me.

Oh, wait. Berman. Midkiff. Kelo.

The damage done by activist judges....

Eric Hines

Gringo said...

It gets even worse: she wasn't in the affordable housing program. Moreover, when she bought the house 5 years ago, there was nothing in the deed that mentioned the affordable housing program.

"Nobody told me. I didn't sign any contracts. I didn't sign any documentation that is required by the city to be in the affordable housing program. My income didn't qualify. It was not in my title, it was not in my deed. Why do I need to abide by it now? Just let me sell my home at market value," Lopez said.

Nothing could be found in the title documents that mention affordable housing restrictions.

If she had been in the affordable housing program, I might see some- not much- justification for the city's action. But she purchased the house like any regular person.

jaed said...

Kafkaesque. They're now apparently telling her she needs to sell the house immediately—for the lower price—because her income isn't low enough to own it. Meanwhile, apparently the covenent for the low-income program says the restrictions don't survive a sale, so she shouldn't be bound by it in the first place.

Honestly, it's a wonder to me why people don't go crazy and shoot a bureaucrat more often.

Ymar Sakar said...

Skim the Left, Right, Bottom and Up sides at the same time.

The Leftist alliance impresses me. Not even the Mafias are that extensive in hierarchical organization.

The Alt Right thought they could win over the Left by knocking over some zombie SJWs with rhetoric and Alinsky. I was never all that gung ho to jump on that band wagon. The Leftist alliance was far more than what it seemed.

Ymar Sakar said...

Honestly, it's a wonder to me why people don't go crazy and shoot a bureaucrat more often.

It's because they aren't worth killing. If you want to kill them, Kill Them All At Once.

Otherwise, paperwork isn't worth it.