Fannie Mae-No Politics (FNMA)

[Robert from yahoo bd]

"Palmer’s companies allege that the moratorium — first put in place by Mayor Eric Garcetti as an emergency order, then approved as an ordinance by the City Council — violated the “takings clause” established in the 5th Amendment, which says private property shall not be taken for public use without “just compensation.”"

https://www.latimes.com/california/story/2021-08-09/apartment-building-owner-geoffrey-palmer-sues-los-angeles-saying-anti-eviction-law-caused-astronomical-losses?_amp=true

“The city orchestrated a regulatory regime designed to provide a compulsory and de facto rent forgiveness to be foisted on landlords throughout the city,” the lawsuit states.

A Garcetti spokesman did not immediately have a comment on the case.

Palmer has tangled with the city in court before. More than a decade ago, he persuaded a Superior Court judge to overturn the city’s “inclusionary housing” rules, which required that developers near downtown offer a specified percentage of affordable housing as part of their residential projects."