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Residents didn't pay their taxes — so somebody bought their street

It’s a steep price to be neighbors with the likes of Sen. Dianne Feinstein and House Democratic leader Nancy Pelosi, who have called the street home.

No notices were posted on the street, and no one on Presidio Terrace knew it changed hands until May 2017, when an investor representing Lam asked if the association wanted to buy it back, according to the suit.

‘‘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 The Chronicle not to be named because of pending litigation.

Scott Emblidge, the association’s attorney, issued a statement to the Mercury News calling Lam and Cheng ‘‘savvy real estate professionals’’ who waited for over two years to approach the homeowners’ group, ‘‘presumably so the property sale would be more difficult to rescind.’’

Lam and Cheng could rent out the 120 parking spaces to residents to start making their investment back, an idea suggested by others, the Mercury News reported.

READ MORE (The Boston Globe)

  • Wealthy San Francisco residents lose private street over tax billBBC News
  • Neighbors in uproar after San Francisco street sells for $90GFox News
  • Swanky San Francisco Street Sells for $90K, Spurring SuitNBC Southern California
  • Couple can't afford to buy mansion; buys ritzy private San Francisco street ...FOX 61
  • This couple bought a mansion-lined street at auction, and might charge the
  • Asian Couple Buys Entire Street In SF Originally Built To Keep Out 'Orientals'NextShark
  • Millionaires row: San Francisco community furious after couple buys up entire
  • San Francisco residents freaking out after swanky street sells for $90KUSA TODAY
  • Savvy couple snap up San Francisco street lined with mansions for US$90000 and ...South China Morning Post

This post first appeared on The 5th News, please read the originial post: here

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Residents didn't pay their taxes — so somebody bought their street


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