If passed, Initiative 933 would cost taxpayers billions. Up to $9 billion to be exact. According to the state Office of Financial Management’s (OFM) fiscal impact statement:
Initiative 933 is estimated to cost state agencies $2 billion to $2.18 billion over the next six years for compensation to property owners and administration of the measure. In the same time period, the initiative is estimated to cost cities $3.8 billion to $5.3 billion, based upon number of land-use actions since 1996, and is estimated to cost counties $1.49 billion to $1.51 billion. Costs are derived from the requirement that, with specific exceptions, state agencies and local governments must pay compensation when taking actions that prohibit or restrict the use of real and certain personal property.
The OFM also found that I-933 is “more expansive than Measure 37,” the Oregon developer’s initiative that is wreaking havoc in the Beaver State. The result? Hundreds of millions of dollars in litigation costs.
This is a bad initiative, poorly written and ill-conceived. No wonder its biggest backer is New York real estate tycoon Howard Rich, while farmers, environmentalists, labor and even many local business interests are aligning against it.