ILYA SOMIN: Lessons from a little pink house, 10 years later.

June 23 marks the 10th anniversary of Kelo v. City of New London, when the Supreme Court held in a 5-4 ruling that government could use eminent domain to take private property for “economic development.” At issue in the case were 15 homes, including a little pink house owned by Susette Kelo, in the city of New London, Conn., which wanted to transfer the properties to a private nonprofit with plans to revitalize the area. But after the court ruled and the houses were razed (with the exception of Ms. Kelo’s, which was moved at private expense), those plans fell through.

The condemned land remains empty, housing only a few feral cats. After Hurricane Irene in 2011, the city used it as a dumping ground for debris. Yet the first real development since the Supreme Court’s controversial decision might now be on its way: New London Mayor Daryl Finizio, who was elected in 2011 as a critic of the government taking, recently announced a plan to turn the former site of Ms. Kelo’s house into a park that will “serve as a memorial to all those adversely affected by the city’s use of eminent domain.”

It would be a fitting tribute. Although the Supreme Court’s decision in Kelo was consistent with precedent, it was nonetheless a serious error.

Kelo is a disaster that needs to be overturned. As Somin points out, there has been some decent post-Kelo progress in eminent domain reform at the state level, but it’s not enough. Read the whole thing.