Do those residents get massive payouts for having their homes stolen?
Because I can’t see any benefit to those homeowners, unless there was a massive payout that enables them to live anywhere they want for the rest of their lives.
I think gov’t can expropriate property at market prices. They won’t get much more than the going price for those houses. It’s in the law.
It puts these residents at a major disadvantage and hardship.
I can see this causing some residents, who can no longer afford to live somewhere else, to become homeless.
With the amount of money thouse houses are going for, the owners sure arn’t going to be homeless anytime soon. The renters have been promised like for like relocation.
From my understanding the government has also promised to give them first right of refusal to buy back the properties after the works have been completed and they’ve done a structural inspection, so depending on how the price evaluation is done they may well end up making a hundred thousand or so off this whole thing.