Update: more information at insidebayarea.com (hat tip to durrati)
What the hell? Read and make sense of this article from the San Francisco Chronicle.
The story seems to be... developer buys a 24 acre property in Half Moon Bay for $1 million in forclosure sale. Turns out, he can't build there because it has wetlands, Half Moon Bay, nestled just below San Francisco on the coast, is in the California Coastal zone, no building in wetlands... so, and here is where it gets fnickng strange... the developer argues, and SUCCEEDS, that the city created the wet areas through its drainage work in Half Moon Bay (aka their civic responsibility to improve infrastructure). Evidently there is no room in the law for the fact that it's a manmade wetland so the land remains undevelopable, and the city basically is ordered to buy it for on the order of $34 million dollars.
Half Moon Bay only has a total budget of about $10 million dollars are year (!). Well, um, that sucks.
Why is the property worth $34 million dollars? He didn't pay that and if you can't develop on it... well I say the guy sort of made a bad investment, but if the city did have to pay, why should the losses be more than the $1 million?
This is a huge crock of shit and if there is justice it will not come down like this in the end.
Any further information or insight is welcome.
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