Amendment 74 To Shut Down All Municipal Governments In Colorado

At least that's the way the opponents are portraying this one. Here's the text:

 “Shall there be an amendment to the Colorado constitution requiring the government to award just compensation to owners of private property when a government law or regulation reduces the fair market value of the property?”  

Sounds like someone cribbed this from the U.S. constitutions 5th amendment. That's fine, but the potential for required compensation from the municipalities to bankrupt the municipal governments is what sells me on this. I suppose their past actions would be grandfathered but a lot of what they do would be brought to a sudden halt.

Pretty much any regulation regulating anything would impact the value of all properties within the reach of the regulation so whatever the City Council does would invite a class action suit from the city residents.