Return to Redistribution of wealth (idea)

On the evening news last night, one of the more liberal television stations continued a report that is now a few days old. It's about a fight between City Hall and a gentleman who lives in Beverly Hills. Said gentleman owns a high-rise apartment building which provides low-income housing here in Denver.

In the past few years Denver's economy has been booming and real estate has become quite a hot commodity. Apparently, there was a contract between the two parties involved, in which party B would provide low-income housing for a 20 year period. That time has now expired and party B wishes to profit from his investment. However, Party A has determined that he should not be allowed to do so. They have started condemnation proceedings to force this person to sell his property.

I'm not sure who they wish to have purchase it, but it will obviously be someone who intends to keep it a slum. Is this what we want? Shouldn't we focus on getting these poor people jobs and/or education so that they no longer have to rely on the government to make ends meet? Am I the only one scared by the realization that the government can do harm to an individual as long as the majority of people below the poverty line are protected?
I'm a middle class American.
I've been poor.
Someday I hope to be rich.
I don't ever want to see something like this happen to me. I'll redistribute someone's ass before they redistribute my wealth in this fashion.