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But there is a modern day equivalent, only in reverse. It’s a process by which gold is turned into lead, figuratively speaking.
Lots of people invest the largest part of their life’s savings into their home, often the place where they want to retire and spend their ‘Golden Years’. Then along comes a new superhighway just beyond their back fence, or an airport expansion nearby, or a hydro corridor, or a waste disposal site, or any number of what are technically referred to as ‘disamenities’.
In many cases such changes in a neighbourhood result in drastically reduced property values.
But only in some cases are owners compensated. A new highway, for example, will result in a lowered property tax assessment as a result of the significantly decreased desirability of such a property.
However, in the case of a new or expanded aggregate pit or quarry operation, no adjustment or compensation occurs. Millions of dollars of a homeowner’s equity can simply turn to dust overnight. The homeowner’s gold is effectively converted to lead.
But there’s still gold to be had, for the companies who are operating the pits. They will make millions, while the helpless homeowners around them lose their collective shirts, pants, and life savings.
Mind you, since the pit or quarry will probably cut their life expectancy in half, who needs savings!
Just ask Ken Cressey at: http://deathanddustmystory.blogspot.ca/2012/03/timeline-of-events-as-they-happened.html