Bob Menendez: “the Constitution and the fifth amendment allows the government to use ``eminent domain'' to condemn and take private…”

“the Constitution and the fifth amendment allows the government to use ``eminent domain'' to condemn and take private property only if the owner receives ``just compensation'' and only if the property is taken for ``public use.'' Common sense and Supreme Court decisions tell us that public uses are schools, roads, parks, railways, hospitals, and military bases. That is something that we all know and realize. Unfortunately, earlier this year, in Kelo v. City of New London, the Supreme Court empowered the government to seize private property, including someone's own home, and transfer it to another private owner as long as the transfer would provide an economic benefit to the community. The hope of one day owning a home is the backbone of the American Dream. The house is the single most important purchase most Americans will ever make. The average family invests more in their homes than they invest in the stock market, the money market, or their retirement savings plans. There's a good reason for that. Housing has been a safe, leveraged investment, and one of the best investments one can make. That is why government must not have a green light to seize our homes just because it believes it would be more profitable as something else. While eminent domain has been used successfully throughout our history to advance important public projects, it should never be manipulated to solely support the interests of private developers.…”