Following the Supreme Court’s decision in Pung v. Isabella County, Ilya Somin, the B. Kenneth Simon Chair in Constitutional Studies at Cato, and a coauthor of Cato’s amicus brief in this case, released the following statement:

In today’s badly flawed ruling in Pung v. Isabella County, the Supreme Court elevated the supposed needs of the tax foreclosure system over the constitutional property rights protected by the Takings Clause of the Fifth Amendment. The ‘just compensation’ required by the Fifth Amendment means full compensation for the losses suffered by the owner, not a small fraction thereof, as happened in the Pung case. As explained in the amicus brief filed by the Cato Institute and myself, the prices secured at foreclosure auctions often fall far short of that. Today’s decision is likely to perpetuate abusive foreclosure auctions that particularly victimize elderly, disabled, minority, and legally unsophisticated property owners.”

To speak with Somin further on today’s decision in Pung v. Isabella County, contact Christopher Tarvardian.