News I-933 is officially awful
The Office of Financial Management released a damning report today on the land use law-undermining, litigation-provoking Initiative 933, which we profiled a month ago.
Personally, I think I-933 is the most dangerous initiative on the ballot — yes, worse than the estate tax repeal — since it requires state and local governments enforcing land use laws that decrease the potential value of a property (think: environmental and zoning regulations) to either compensate property owners with bags of cash or repeal the laws.
The official report isn’t painting a happy picture either:
Initiative 933 is estimated to cost state agencies $2 billion to $2.18 billion over the next six years for compensation to property owners and administration of the measure. In the same time period, the initiative is estimated to cost cities $3.8 billion to $5.3 billion, based upon number of land-use actions since 1996, and is estimated to cost counties $1.49 billion to $1.51 billion. Costs are derived from the requirement that, with specific exceptions, state agencies and local governments must pay compensation when taking actions that prohibit or restrict the use of real and certain personal property.
And that doesn’t even include the inevitable litigation costs:
The Office of the Administrator for the Courts estimates that it will cost county governments an additional $495,000 to $830,000 over the next six years for appeals to Superior Courts resulting from state agency decisions.
egads.
I'm going to buy the house next door to Greg Nickels and build a 400-story residential tower.
I expect to be compensated by the rich property developers if they don't want it built - they can use the money they plan to steal from us for their underwater tunnel we can't afford.