Tina Lam and Michael Cheng snatched up Presidio Terrace — the block-long, private oval street lined by 35 megamillion-dollar mansions — for $90,000 and change in a city-run auction stemming from an unpaid tax bill. They outlasted several other bidders.
Now they’re looking to cash in — maybe by charging the residents of those mansions to park on their own private street.
— San Francisco Chronicle
When the annual $14 city tax bill for the street on Presidio Terrace went unpaid for a little over thirty years, the frustrated municipality held an auction to recoup its lost monies. A savvy couple who live in the decidedly less swanky South Bay snapped it up and now are causing all of the exclusive residents of the street to pay much closer attention to civic matters.
10 Comments
bottom feeders
Really? How about the tax dodging reprobates?
that's who I'm talking about, the taiwanese couple are just the remoras.
Hmm. I didn't think remoras cared about the bottom feeders?
sharks-remoras, it's symbiotic, mutual benefit, but the sharks do the killing.
this is amazing
Yeah, that'll work.
From the SF Chronicle:
“I was shocked to learn this could happen, and am deeply troubled that anyone would choose to take advantage of the situation and buy our street and sidewalks,” said one homeowner, who asked not to be named because of pending litigation."
Translation:
"I was shocked to learn that my status as an ultra wealthy power player does not protect me from petty vicissitudes of life like 'paying taxes', and that for once I would not be the person taking advantage of others." adding "I only believe in the monetization of public services so far as it doesn't affect me!"
Brilliant.
Rather interested to see where this goes. Meters maybe? Block parties?
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