In an April blog, I wrote that The Practical Real Estate Lawyer was publishing my article, The Pitfalls of Objectively Measured Just Compensation: When Market Value Isn’t Enough, in its September 2024 issue. Well, that article is finally out!
In it, I explain why the current fair market value for just compensation shortchanges dislocated property owners. I then discuss why we cannot apply a purely subjective standard and consider several possible just compensation reforms. Ultimately, I advocate for a fair market value multiplier based on the average difference between property owners’ subjective value of their homes and its fair market value. On average, that standard would fairly compensate property owners and incentivize condemnors not to take property when the owners’ subjective losses exceed the value of the public project.
If interested, you can read the full article by clicking here.
