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While I share your reservations, I do prefer this to imminent domain (a practice I am not a fan of). I think it's more likely for the seller to get the best value for their property, and incentivizes the seller to make good use of the property.

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Is imminent domain when the government's in a real hurry to grab your land? :-)

Yes

Are those the only two options?

I'm not saying they are. I am just saying that imminent domain is what we have now, and that land-value tax is something that might be better.

I'd rather the government not force people out of homes they paid for, but I don't think that's an option right now.

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