Newark Land Sales Halted
From the Star Ledger:
Judge suspends bargain sales of Newark's land
BY JEFFERY C. MAYS AND KATIE WANG
"In response to a lawsuit from Mayor-elect Cory Booker, a Superior Court judge barred Newark yesterday from selling city-owned land, saying sales since the May 9 election "squander public property and resources to benefit private interests.""
"Judge Patricia K. Costello, sitting in Newark, prohibited all non-auction sales of publicly owned land until June 15, when Booker and attorneys from the city are scheduled to appear in court."
"The city also was prohibited from finalizing the handover of land sold since May 9, according to the restraining order."
"The city council, acting on proposals from the administration of Mayor Sharpe James, has approved at least 15 proposals to sell land at the city minimum of $4 per square foot, well below market value, since Election Day."
"Many of the developers are supporters of James and the council, and some have contributed money to the campaigns of the mayor and various council members."
Judge suspends bargain sales of Newark's land
BY JEFFERY C. MAYS AND KATIE WANG
"In response to a lawsuit from Mayor-elect Cory Booker, a Superior Court judge barred Newark yesterday from selling city-owned land, saying sales since the May 9 election "squander public property and resources to benefit private interests.""
"Judge Patricia K. Costello, sitting in Newark, prohibited all non-auction sales of publicly owned land until June 15, when Booker and attorneys from the city are scheduled to appear in court."
"The city also was prohibited from finalizing the handover of land sold since May 9, according to the restraining order."
"The city council, acting on proposals from the administration of Mayor Sharpe James, has approved at least 15 proposals to sell land at the city minimum of $4 per square foot, well below market value, since Election Day."
"Many of the developers are supporters of James and the council, and some have contributed money to the campaigns of the mayor and various council members."
5 Comments:
Congratulations to Cory Booker for finally doing something in Newark!
On another note, this property in Allendale has been on the market for 461 days w/o a price drop... Its on a busy street and there must be something wrong with the house, 3 out of the 6 pictures are of trees! What are these people thinking? http://realtor.com/Prop/
1044964918
Go get 'em Cory!
Rich:
Giving credit where credit is due:
"Equity withdrawal is, in bare essence, nothing more than increasing the absolute level of mortgage debt and negating the entire gain in equity. Hahaha! They ought to give the Anti-Nobel Prize for Sheer Economic Stupidity for these people, but there isn't one."
chicago
I'm a big fan of Richard Daughty and the Mogambo Guru Report.
Interesting website with a lot of resources and detailed explanations.
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