A loss for property owners

The Supreme Court today ruled that local governments may seize people's homes and businesses against their will in the name of private economic development. The ruling came with a narrow margin of support of 5-4. The ruling comes as a defeat for homeowners and private business owners. At the center of the issue is the Fifth Amendment, which allows governments to take private property if the land will be put to use for public interest. The question at hand, however, is whether or not private economic development can be considered the act of "serving a public purpose." Among the Justices in opposition to the ruling is Justice Sandra Day O'Connor.
I found Justice O'Connor's dissent very mindful: "Any property may now be taken for the benefit of another private party, but the fallout from this decision will not be random," O'Connor wrote. "The beneficiaries are likely to be those citizens with disproportionate influence and power in the political process, including large corporations and development firms."
In my opinion, the ruling is a loss for American land-owners. Moreover, it sets a dangerous precedent of favoring private economic interests at the cost of the greater American public, and is justified through overly-loose and inaccurate interpretation of the Constitution.