|7:25 PM EST||
David Valadao, R-CA 21st
Mr. VALADAO. We have no guarantees on any of that. Some of the things that affect some of our constituents, somebody that has a restaurant and the high-speed rail goes through their property, they go in and give them what they assume is the value of that, but no one takes into account replacement value. Or they bought their first home when prices were high, and now prices have come down, and now it is an opportunity for high-speed rail to come in and offer them market price, which basically leaves
that person homeless and in debt. So there are a lot of situations.
We have farmers with long-term leases on property who do not own the property, but own the permanent crop on top of that. High-speed rail hasn't taken into account the value of that crop on top. People will invest $10,000 to $15,000 an acre to get trees planted, and if they are only buying the land for the value of the land but not what is on top of that land, that obviously will put a lot of people upside down in a really bad position and affect a lot of jobs.
One of the biggest economic drivers in the valley, and in California, we export a lot of agricultural products. That brings a lot of dollars in. That will have an impact on our economy as well.