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Wednesday, August 16, 2017
You Have To Applaud Them For This
The Back Burner
One morning this May, residents living on Presidio Terrace in San Francisco woke up to find out their street had been purchased. And it might have been an investment for the ages.
Because, as far as streets go, this one’s pretty great. Presidio Terrace is an exclusive road in an already exclusive city, dotted with 35 mansions once home to public figures like Nancy Pelosi and former SF mayor Joseph Alioto.
So who are the sinister gentrifiers that gobbled up Presidio for a bargain?
Maybe not who you’d expect: a couple by the names of Tina Lam and Michael Cheng, a Silicon Valley engineer and real estate investor, respectively. They bought Presidio Terrace for 90k at an auction back in 2015, when it was up for sale because of an outstanding property tax bill of $994 (the residents complained the bill was repeatedly sent to the wrong address for decades).
So you’ve got yourself a street. Now what? Well, since finding parking in San Fran is a total nightmare, it should be lucrative to rent out the 120 parking spaces on the street. Or, they could find another buyer, cash in and head straight to Vegas.
For now, Lam and Cheng are biding their time and exploring their options while the residents explore every legal avenue to recover their beloved street. Either way, owning Presidio Terrace must be particularly satisfying for Cheng and Lam, who wouldn’t have been allowed to buy a house on the street until racial housing laws were overturned in 1948.
THAT is how you stick it to the man.
(BroBible.com)
One morning this May, residents living on Presidio Terrace in San Francisco woke up to find out their street had been purchased. And it might have been an investment for the ages.
Because, as far as streets go, this one’s pretty great. Presidio Terrace is an exclusive road in an already exclusive city, dotted with 35 mansions once home to public figures like Nancy Pelosi and former SF mayor Joseph Alioto.
So who are the sinister gentrifiers that gobbled up Presidio for a bargain?
Maybe not who you’d expect: a couple by the names of Tina Lam and Michael Cheng, a Silicon Valley engineer and real estate investor, respectively. They bought Presidio Terrace for 90k at an auction back in 2015, when it was up for sale because of an outstanding property tax bill of $994 (the residents complained the bill was repeatedly sent to the wrong address for decades).
So you’ve got yourself a street. Now what? Well, since finding parking in San Fran is a total nightmare, it should be lucrative to rent out the 120 parking spaces on the street. Or, they could find another buyer, cash in and head straight to Vegas.
For now, Lam and Cheng are biding their time and exploring their options while the residents explore every legal avenue to recover their beloved street. Either way, owning Presidio Terrace must be particularly satisfying for Cheng and Lam, who wouldn’t have been allowed to buy a house on the street until racial housing laws were overturned in 1948.
THAT is how you stick it to the man.
(BroBible.com)
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