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The Real Deal
The history of owning a home in America
"No person shall be ... deprived of life, liberty or property without due process of law." These words from the Bill of Rights guarantee the security of home ownership and the basic right to own, transfer and use real property.
In honor of American Home Week, April 22 to 28, the Silicon Valley Association of Realtors offers a brief look at the history of private property rights and encourages citizens to be aware of their property rights, as well as acknowledge the need to protect them.
Our nation's concept of private property rights evolved from English common law, which, to a large extent, was patterned after ancient Roman law. Such laws have stood the test of time and courts, and were strongly supported by the American colonists.
Property rights were well established by the time George Washington became the first president. Washington remarked that "lands are of permanent value; there is scarcely a possibility of their falling in price, but almost a moral certainty of their rising exceedingly in value."
Citizens, however, don't always have the absolute right to exercise these rights as freely as they may wish. Most property is subject to some limitations and property rights are controlled by some necessary restrictions. These restrictions may be thought of as protections that enhance property and safeguard its value.
American property rights and privileges are limited or restricted by certain powers of government. The first, power of taxation, is the right to tax property based on assessed value and the prevailing tax rate.
The power of eminent domain allows private property to be taken in the public interest. "Just compensation" is required when property is appropriated. Affected property owners participate in the legal processes to ensure that compensation is just.
Police power is the right of the government to regulate property for the protection of the public's safety, health, morals and general welfare. Zoning laws, housing restrictions, building codes and subdivision controls are examples of regulations based upon the police power of the government.
While Americans enjoy more political and economic freedom than any other people on earth, it is important to guard against taking home ownership rights for granted. All citizens should be aware of local government regulations affecting private property. City council meetings are a good resource for finding out about local property issues, such as zoning and taxation. The Silicon Valley Association of Realtors Political Action Committee keeps tabs on local property rights and informs Realtor members, as well as citizens about property issues affecting the communities it serves.
Franklin Delano Roosevelt once said, "Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense and managed with reasonable care, it is about the safest investment in the world." While this remains true today, the national observance of the right to own, use and transfer real property during American Home Week allows time to reflect on both the historical perspective, as well as the future of private property rights.
Information provided in this column is presented by the Realtor members of the Silicon Valley Association of Realtors. Send questions on any topic to: Real Deal, c/o SILVAR, 345 San Antonio Road, Los Altos, CA 94022; call 650-949-9115; or email to ppompei@siliconvalley-realtors.org.
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Saratoga, California Since 1955
