Final answer:
An owner of urban property bought for speculation has the right to use, enjoy, and sell the property within the confines of government regulations like zoning laws. These rights may be affected by legal safeguards against practices such as blockbusting and may also involve eminent domain issues in the context of public development projects.
Step-by-step explanation:
The question pertains to the rights of an owner of urban property that was bought for speculation and later resold. In the context of urban real estate, the owner of a property generally has the right to use, enjoy, and dispose of the property as they see fit, which includes buying for the purpose of speculation and later selling. However, these rights are subject to government regulations, such as zoning laws, which dictate how the property can be used.
Zoning regulations, adopted by virtually every major urban area in the United States since New York City adopted the first zoning ordinance in 1916, are a common form of land-use regulation impacting owners. Furthermore, practices that influence property matters and ownership rights within urban settings, such as blockbusting, are subject to legal challenge if they are found to discriminate based on race or religion, or do not serve a reasonable basis for distinguishing property from surrounding parcels.
In cases where public use or development projects are involved, the concept of eminent domain may come into play where the property is condemned for such purposes. This was highlighted in the case of Kelo vs. City of New London, which revolved around the taking of private property for public development, though the ruling favored the broader interpretation of public use to include economic growth. Therefore, adjoining owners must be aware of the spectrum of rights and regulations that affect their ability to speculate and transact with their property.