Two Takes on Property Rights
It’s a relatively quiet "recess" period here Inside the Beltway so I’m branching out beyond my standard news-clipping into areas of broader thought and reflection, channeling Hedley Lamar if you will.
Two articles in different papers from opposite ends of the country paint a picture of deteriorating property rights and the challenges that face owners who wish to alter, reuse or rehabilitate their property for similar of different uses.
The Los Angeles Times notes today that Southern California developer Rick Caruso is considering walking away from his 14-acre holding at the former Miramar resort in Montecito.
It seems Caruso would be struck between a proverbial rock and a hard place under a requirement by the Montecito Planning Commission that an additional water/environmental study be conducted prior to sale or future redevelopment. He notes the requirement would make it difficult to redevelop due to delay and added costs (presumably complicated in the current lending environment) and also complicate any effort to sell, should he choose to do… Read More