| | The ethical solution to the issue of maintaining what you call "marketable title" is not zoning laws or eminent domain but instead legal contracts between property owners agreeing to maintain certain standards and to abide by certain rules about the use of their property for mutual benefit.
This statement is correct. Ideally, buyers and sellers of real estate would have full disclosure to the aspects of the property being conveyed, with no fraud or secrecy, and take the necessary due diligence to insure that their property rights are secure and that they have not harmed the property rights of others. They'd be smart enough, and honest enough, to conduct a smooth transaction among consenting parties.
But we do not live in an ideal world. When left to their own devices, buyers and sellers of land can act very irrationally, ignorantly and dishonestly. Until we're all objectivist, we're still going to have this problem (and maybe even afterwards). Until then, were have rational laws made by rational people, to make irrational people do the rational act, in order to protect the rational interest of rational people. Rationally.
The value I place on my own property CANNOT BE DECIDED BY ANYONE ELSE. It is MINE and absolutely mine until I decide otherwise. Fair market value, or any other value placed on it by other people is trivial and meaningless.
Hmmm. Your asserting objective property rights (good against the whims the entire world) in order to justify a subjective valuation of the property (determined by the whim of the owner). If the "gold mine" I owned contained only pyrite, then it would be immoral, by objectivist standards, for me to value it as a gold mine. Mining for pyrite, thinking or hoping it was gold, would not be conductive to my survival qua human. In that sense, if the government were to condemn my land, give me fair market value for it, not only would it be adding to the value of the property or endeavors of others, but it would be saving me from myself.
Still, your half right. The objective right is absolutely yours, but it is an objective right for the objective fair market value of the land.
Yes, you may have the right to waste your land and be irrational, but that's like saying you have the right to blow up your car. You can only do so when the flames aren't going to get in anyone else's way.
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