Inverse Condemnation.

INVERSE CONDEMNATION. INITIATIVE STATUTE. Requires compensation for state or local government action that prohibits, restricts or limits use of real property causing reduction of fair market value by 20 percent or more. Government actions necessary to prevent public nuisance excepted. Authorizes suit for and allows jury determination of liability and compensation. Allows property owner to file suit without first challenging legality of governmental action. When compensation is paid, government action controls property use. Provides five year statute of limitations for suit. Applies to government action under existing laws or future laws. Attorney General must adopt regulations for measure\u27s administration, enforcement. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: This measure would result in unknown, but potentially major, annual administrative and claim costs to provide compensation to property holders damaged by governmental actions