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.
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