SF Neighborhood Residents Aren't Happy This Couple Bought Their Street

SF Neighborhood Residents Aren't Happy This Couple Bought Their Street

SF Neighborhood Residents Aren't Happy This Couple Bought Their Street

Another option is to charge residents to park on their street and rent out the 120 parking spaces that line the grand circular road.

"Ninety-nine percent of property owners in San Francisco know what they need to do, and they pay their taxes on time - and they keep their mailing address up to date", a spokesperson said.

The HOA also has sued Cheng and Lam as well as the city to block the couple from selling the street until the appeal is settled.

SAN FRANCISCO The street might as well be paved with gold, and now a couple from San Jose owns it. Apparently, Presidio Terrace's homeowners association have failed to pay their mandatory USD14-a-year (HKD110) property tax for the past three decades, racking up a USD994 (HKD7,777) debt in back taxes, penalties and interest.

The couple now owns the roads, sidewalks, and other areas of an impeccable cul-de-sac known as Presidio Terrace - all of which facets were once public.

"I thought they would reach out to us and invite us in as new neighbours", Cheng said. He added, "We're still trying to figure out what the land-use opportunities are".

You can think of it as street justice.

"Among San Francisco's many prestigious communities, there are few that offer the privilege of privacy amid the magnificence of nature", reads the blurb on one property ad.

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The homeowners are appealing to the Board of Supervisors, and a hearing is set for October 31.

What's even ironic about the couple's purchase is that until 1948, homes in Presidio Terrace could only be purchased by white people. Over the years, personalities like Democratic Rep. Nancy Pelosi and Democratic Sen.

The office of the treasurer-tax collector does not seem persuaded by that argument. Cheng said, they haven't decided on any of their options yet. "In the midst of all this was just this odd property in a great location; the parcel number told you generically what it was: part of Pacific Heights, the right location, land in a good neighborhood. We took a chance", Cheng told the San Jose Mercury News.

"We just got lucky,"said Cheng, a real estate investor".

The area has been managed by the homeowners association, but because the tax bill has been going to the wrong address for 30 years, the taxes have not been paid. All that time, it seems, the bill had been mailed to an accountant who stopped working for the homeowners in the 1980s. It's something homeowners of all San Fran's 181 private streets must do.

Asked to comment on the situation, Scott Emblidge, the association's attorney, provided a statement from the organization's board.

Lam, who was born in Taiwan, and Cheng, originally from Hong Kong, came across the deal in April 2015 when looking for property bargains in San Francisco, where the median home value is now $1.2 million, according to Zillow. Meanwhile, Cheng and Lam have been looking at ways to profit from their real estate bid.

Since 1905, the homeowners associated had been managing the the streets, sidewalks, and other common ground at Presidio Terrace since 1905.

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