Barney Frank: “I raised this before on Agriculture. It has always been my understanding in a variety of capacities at State and local…”

“I raised this before on Agriculture. It has always been my understanding in a variety of capacities at State and local governments as well as the Federal that what they talk about is appraising the value of property at the highest and best use. That is, whatever you can legally develop the property to be at the time that you had it and before the regulations that you were challenged under, that is what sets the value of the property. Any subsequent regulation which restricted the way you could use the property in fact devalues the property.”