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What portion of that law makes immediate seizure and redistribution an appropriate penalty? Are alleged price gougers not entitled to due process?

https://www1.nyc.gov/site/dca/media/pr031720-DCWP-Emergency-...

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No portion - the relevant law simply imposes a fine. In this case the Federal government seized them under the Defense Production Act and will reimburse at market value. There’s multiple overlapping laws and authorities working together in this case.

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