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The thing about an executive order is that it is not a law it is a guideline. The federal government can still use its power of eminent domain even in cases of trying to increase the tax base. Also this applies to the federal government and not state or local governments.
I am fine with eminent domain being used to redevelop truly blighted areas. But the problem is its not always used in that way. Take for example the Gran Havana Cigar Factory in San Diego. The owner had purchased an old warehouse in the gaslamp district and spent around $2.5 million dollars to clean it up and make it into a high end cigar shop. The city did not even try to claim it was blighted but instead used the argument that a hotel room tax would benefit the public more. The only good news last I heard the jury awarded him $7.7 million for the store.
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