I believe the city of Richmond, CA (in the bay area, green party mayor) has already passed a provision to use eminent domain for the same reason. Oakland is following their lead.
And I believe the FHA and all the banks have threatened to end all future mortgage lending in the area if the courts actually let them go through with it. I wonder what requiring cash up front will do to home prices...
Nothing, most home buying is already in cash in the area. The rich are getting incredibly rich nowadays.
You're claiming that "most" home buying in Oakland is all-cash? That's deeply detached from reality.