LMAO Asian Couple buy Presidio Terrace street for 90k *120 parking spaces for the super rich

 
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ContagiousInspiration
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PostPosted: Mon Aug 07, 2017 1:34 pm    Post subject: LMAO Asian Couple buy Presidio Terrace street for 90k *120 parking spaces for the super rich

Crazy story that has the homeowners all pissy

Rich SF residents get a shock: Someone bought their street
http://www.sfchronicle.com/bayarea/matier-ross/article/Rich-SF-residents-get-a-shock-Someone-bought-11738236.php

Quote:
As for the threat to charge them for parking, the residents suspect it’s part of a pressure campaign by the couple to force the homeowners association to shell out big bucks to buy back the street.

The couple, however, say they’re in no hurry to sell.

“I’m a first-generation immigrant, and the first time I came to San Francisco I fell in love with the city,” said Lam, an engineer in Silicon Valley who was born in Hong Kong and came to the U.S. for college.

“I really just wanted to own something in San Francisco because of my affinity for the city,” Lam said.

There’s a bit of irony in the couple’s purchase. Until a 1948 U.S. Supreme Court ruling banning the enforcement of racial covenants, homes in Presidio Terrace could be purchased only by whites.

“The more we dug into this,” said the Taiwan-born Cheng, “the more interesting it got.”
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Huey Lewis & The News
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PostPosted: Mon Aug 07, 2017 2:01 pm    Post subject:

Even I have to question why it's significant that the couple is Asian.
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ContagiousInspiration
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PostPosted: Mon Aug 07, 2017 2:37 pm    Post subject:

Because the place was a racist stronghold til 1948 by law and I bet those people up there haven't changed their colors much..

I could edit title because I personally don't care about their race.. just fit with the history of the home ownership
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PostPosted: Mon Aug 07, 2017 2:48 pm    Post subject:

this is hilarious!! I hope they get paid!

Rich people usually game the system big time to find loopholes like this and profit from it. Getting a taste of their own medicine
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Huey Lewis & The News
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PostPosted: Mon Aug 07, 2017 2:49 pm    Post subject:

ContagiousInspiration wrote:
Because the place was a racist stronghold til 1948 by law and I bet those people up there haven't changed their colors much..

I could edit title because I personally don't care about their race.. just fit with the history of the home ownership


Understood, I didn't know the area was racist. Thanks.
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PostPosted: Mon Aug 07, 2017 3:38 pm    Post subject:

Huey Lewis & The News wrote:
ContagiousInspiration wrote:
Because the place was a racist stronghold til 1948 by law and I bet those people up there haven't changed their colors much..

I could edit title because I personally don't care about their race.. just fit with the history of the home ownership


Understood, I didn't know the area was racist. Thanks.


More like an ivory tower of the elites. Diane Feinstein, Nancy Pelosi, etc. all have/had places there according to the article.
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lakersken80
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PostPosted: Mon Aug 07, 2017 3:47 pm    Post subject:

DuncanIdaho wrote:
Huey Lewis & The News wrote:
ContagiousInspiration wrote:
Because the place was a racist stronghold til 1948 by law and I bet those people up there haven't changed their colors much..

I could edit title because I personally don't care about their race.. just fit with the history of the home ownership


Understood, I didn't know the area was racist. Thanks.


More like an ivory tower of the elites. Diane Feinstein, Nancy Pelosi, etc. all have/had places there according to the article.


There are people that are politically connected that live there. I would not be surprised if there was some sort of legal action taken.
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Raijin
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PostPosted: Mon Aug 07, 2017 4:16 pm    Post subject:

Maybe I'm misunderstanding something $18 a year in property taxes. That can't be right.
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PostPosted: Mon Aug 07, 2017 5:13 pm    Post subject:

So does this couple get held responsible for maintaining the street and everything that entails from street cleanings to road repair? Are they liable for any accidents or incidents that may occur due to NOT doing the upkeep?

I'm responsible if someone trips on a piece of broken concrete on the city sidewalk outside my house. Seems to me that off these people can be overlords of their block, they should be held accountable in a much more profound fashion - especially if they are going to hold street parking hostage.
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Aeneas Hunter
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PostPosted: Mon Aug 07, 2017 7:01 pm    Post subject:

Raijin wrote:
Maybe I'm misunderstanding something $18 a year in property taxes. That can't be right.


Well, if it's just a street with no improvements, and if no one ever sells it, I can see that happening. It could go decades without anyone stopping and thinking that the value on the tax rolls is out of date. I don't know how things work in California, but I've seen some things like that in Texas, albeit not as extreme.
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vanexelent
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PostPosted: Mon Aug 07, 2017 7:13 pm    Post subject:

Quote:
“I really just wanted to own something in San Francisco because of my affinity for the city,” Lam said.


What a load of BS. These guys are carpet baggers.
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PostPosted: Mon Aug 07, 2017 11:41 pm    Post subject:

Good for the couple. I hope they get a big nice chunk of change for their investment.
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Ziggy
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PostPosted: Tue Aug 08, 2017 11:15 pm    Post subject:

Sounds like they didn't do anything wrong. They made a legal investment.

I do empathize with the HOA though. I own an investment property and my first year owning it they sent a lot of my tax bills to the wrong address. I had to go downtown to get it taken care of but it was a close call.

L.A. Housing department does stuff like this all the time. I had bills getting sent to the wrong address, eventually got sent to collections and now my pristine 800 credit score is all jacked up. They don't care. Their mistake, but you have to accept it and deal with it. Suing won't get them anywhere.
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mhan00
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PostPosted: Wed Aug 09, 2017 10:15 pm    Post subject:

DaMuleRules wrote:
So does this couple get held responsible for maintaining the street and everything that entails from street cleanings to road repair? Are they liable for any accidents or incidents that may occur due to NOT doing the upkeep?

I'm responsible if someone trips on a piece of broken concrete on the city sidewalk outside my house. Seems to me that off these people can be overlords of their block, they should be held accountable in a much more profound fashion - especially if they are going to hold street parking hostage.


I doubt they keep the parcel for long. They're likely angling to sell it back to the HOA for a premium and a quick profit.
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PostPosted: Thu Aug 10, 2017 7:32 am    Post subject:

The American way. Make that loot people.
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