It’s not that simple, people can and will legally fight it. Even if they’re given fair market price for the land (big if), the rest of their land’s/home’s value will be reduced. Nobody wants a train going right next to their house for nuisance and danger reasons, it might split their land, etc.
Some people will have an emotional attachment to their land/homes as well. The only way for something like this to work is to spend so far above market rate that people come out ahead.
> the rest of their land’s/home’s value will be reduced.
That's part of giving them fair value. It's not just the number of square inches you take, but what you did to the value of what they have left.
That's just calculating money. The real problem is time. They can tie you up in court for, probably, a decade. (IANAL, but I think a determined individual who was willing to spend money on lawyers could do something around that long.)
Maybe unpopular view, but another way is to just have stronger eminent domain. I don't think market price should be paid when land is assigned to infrastructure. I also think cities should use eminent domain (with nominal compensation) to acquire land before all zoning to be able to fund the urban infrastructure and control housing prices.
So you want to get something for less than it is worth, at the expense of the owner? You can just nationalize their property, why bother paying something? Viva la revolucion, comrade Che.
Yep, that's what eminent domain basically is about. Land ownership comes with different strings attached compared to other kinds of wealth. No need to evoke communist imagery -- this is common practice in western countries, some pay the market price and some do not.
This just seems cruel. If someone bought a home for 500k and has a 400k loan, then the city forces them out and gives them 100k, then that person has a 300k loan and no home.
Eminent domain should be used for non-zoned land. I'm fine with full market price compensation for zoned land. It's a long term planning failure if it ever comes to that.
I live on non-zoned land. So do my parents and at least 2 of my friends. You're basically saying that nobody should live in rural areas or risk having their life's work wiped out (or worse) at the whim of the government.
Some people will have an emotional attachment to their land/homes as well. The only way for something like this to work is to spend so far above market rate that people come out ahead.