Tuesday, August 8, 2017

1% suffer unexpected bite

Residents of an illustrious San Francisco private street where homes sell for millions have had the street itself bought from under them.
Presidio Terrace is now owned by two investors, Tina Lam and Michael Cheng, who snapped up the private road for about $90,000 (£69,039, €76,203).
The street - parking, pathways and all - was sold by the city over a $14-a-year tax which went unpaid for decades.
Wealthy residents say they knew nothing about the sale until it was done.
And here you were busy thinking San Francisco was financially out of reach.


  1. I expect there will be parking meters in front of their homes soon.

  2. Love to periodically the follow up on this over the next decade. I wonder if they'll all have a hilarious time in court. as the street deteriorates, and all involved parties will be spending their money on legal fees.

    But, perhaps, one or more of the one-percent-ers will take the San Francisco Government to court first.
    I guessed correctly. Here's a more on the ground take from the San Francisco Chronicle.