Imminent Domain

The US Supreme Court handed down a decision today that has ramifications extending well beyond anything else in the area of eminent domain law. The Kelo v. New London case sets new precedent on what is considered a just taking of property.

I'll let the following links be your guide. Let's just say it's not pretty if you own a house and a developer has an idea that will make the municipality a lot of money in property taxes if it decides to rezone or readapt the property for new use.

~Scotusblog, which along with the Kelo case, produces quick summaries of all cases handed down by the high court;

~The Volokh Conspiracy has some thoughts; and

~The text of the decision.

UPDATE:
This decision is going to have tremendous consequences for years to come. But don't just take my word for it. Listen to the Professor. He knows from whence he speaks.

UPDATE II:
Captain Ed weighs in, and includes a timely and perceptive quote from Mark Twain, who lost a copyright case even though the law was on his side. Copyright, by the way, is just another form of property - intangible personal property that still has a value and can be bought and sold.

UPDATE III (6/24/2005 10:10AM EDT):
Instapundit has more (like he needs the links?).

Technorati: Supreme Court, eminent domain, Kelo, urban policy.