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Thanks for the background info. So it sounds like this was not a plan to rid the campus of greek housing, but an unintended consequence of re-zoning for higher density residential or mixed use commercial/res that would generate more tax dollars. is that more or less correct?
hmmm. sounds familiar! In Calif, your property tax is based on 1% of the assessed value at the time you purchased it. Prop 13 prevents your property taxes from being increased more than 2% per year, unless you make a major renovation/addition, in which case your property can be re-assessed to include the value of the improvements. But, I'm aware of at least one case where a public university, through its foundation, has been trying to get private property through eminent domain in order to build a hotel/conference center complex and mixed use commercial/residential. It's not necessarily intended to generate tax dollars or get rid of the greek housing (which just happens to be sitting in the area the univ mosts wants) but it would generate income for the university foundation.
so what happened to the fraternity houses at Texas that did close? were they able to sell? were the properties bulldozed for new construction?
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