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Rich Mansion Owners Pissed At Smart Couple

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170808__TB05StreetSmart, Facebook, News, Politics, The Young Turks, Cenk Uygur, Ana Kasparian, TYT, progressive, liberal, news, politics, homes, homeowners, presidio terrace, san francisco, taxes, tax, land, land value, home ownership, home value, home prices, privatization, elite, rich, mansions, property tax, home owners association, hoa, nancy pelosi, richard blum, diane feinstein
Category: News & Politics
Description: It turns out there are some downsides to privatization. Cenk Uygur and Ana Kasparian break it down. Brought to you by An Inconvenient Sequel: Truth To Power http://www.inconvenientsequel.com/action“An enterprising couple from the South Bay was just able to purchase a neighborhood street from an online auction because of an accounting error, The San Francisco Chronicle reports. Now the neighborhood is worried about the ways the couple might try to cash in on the purchase.The couple, Tina Lam and Michael Cheng, who run real estate firm Archers Capital, bought Presidio Terrace, a one-block oval street just northwest of downtown San Francisco. It is surrounded by multimillion dollar mansions (here’s the Google Street View), and up until 1948, it was racially segregated. That is, a few decades ago, Tina and Michael couldn’t buy a house on Presidio Terrace. Now they own it, and they might start charging residents for parking, The San Francisco Chronicle reports.The reason why Cheng and Lam were able to pick up the street has to do with an idiotic accounting error involving a cheap annual tax bill, as the local paper reports:The couple’s purchase appears to be the culmination of a comedy of errors involving a $14-a-year property tax bill that the homeowners association failed to pay for three decades. It’s something that the owners of all 181 private streets in San Francisco are obliged to do.”Read more here: http://jalopnik.com/rich-bay-area-residents-pissed-after-two-genius-investo-1797602238Hosts: Cenk Uygur, Ana KasparianCast: Cenk Uygur, Ana Kasparian ***The Largest Online News Show in the World. Hosted by Cenk Uygur and Ana Kasparian. LIVE STREAMING weekdays 6-8pm ET. http://www.tytnetwork.com/liveSubscribe to The Young Turks on YouTube: http://www.youtube.com/subscription_center?add_usertheyoungturksLike The Young Turks on Facebook: http://facebook.com/theyoungturksFollow The Young Turks on Twitter: http://twitter.com/theyoungturksBuy TYT Merch: http://www.shoptyt.comDownload audio and video of the full two hour show on-demand + the members-only post game show by becoming a member at http://www.tytnetwork.com/join/. Your membership supports the day to day operations and is vital for our continued success and growth.Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)
Duration: 8 minutes and 24 seconds
Rating: 8/10 - Good
Definition: HD
Published: August 09, 2017
Uploader: The Young Turks

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Breaking News 24/7 • 1 week ago
2 Immigrants Just Bought City Street & Put It To Sick Use With What They’re Forcing On People Tina Lam and Michael Cheng are immigrants living in California who just bought a street in San Francisco that has some of the most expensive homes and properties you can find. The immigrants thought long and hard and now they have a surprise for people. They’re going to charge residents for parking. These residents likely pay a ton in property tax and parking in many cities across America, in front of your own home, is often free. But not anymore! These residents are about to get blasted out of nowhere with the unwanted parking fee. The Cheng’s purchased Presidio Terrace in an online auction that started at $994. It was available through auction because the local homeowner association didn’t pay the property tax for the street. The property tax was $14 per year, but the homeowners association skipped the bill for over 30 years. At the end of the auction, the couple spent over $90,000 to purchase Presidio Terrace. The original homeowners claimed the payments went to the wrong address, but the city didn’t care. And, how can you pay something to the wrong address for over 30 years? That seems fairly neglectful if you ask me. “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,” spokeswoman Amanda Fried said. The street is a small oval bordering 35 properties prized by San Francisco’s most elite residents. Over the years, personalities like Democratic Rep. Nancy Pelosi and Democratic Sen. Dianne Feinstein have owned homes in the closed-off paradise, which has an entrance overseen by a full-time guard. If Democrats live there, then please ask them to pay double for their parking fees. The first half of the payment is for the normal parking rates. The second half is for their oversized brains filled with pixy dust and the left’s inability to meme. Throw a few illogical ideologies in those big swollen brains and you now need a car that can fit said head. Hence, charge them double. Now we know that hilarious option isn’t exactly a reality, but paying for parking is and that’s what these folks are about to get stuck with. Unhappy with learning about their new parking bills, the locals sued the Chengs on account of the buyers simply using the parking threats to incentivize people into buying the property back. The immigrant Cheng’s even approached the homeowners association to ask if they wanted to buy their street back, but it seems to have spiraled into the aforementioned lawsuit. The city responded that there was nothing they could do to reverse the sale of the street. The sale happened so long ago that it could not be changed at this point. The couple who bought the street was smart. They waited for about two years before smacking residents with the parking threat. After buying the street two years ago, the couple bided their time, consulting with property lawyers about the potential uses for the street. They only notified the homeowners that they’d bought the street in May when they approached the homeowners association asking if they’d be interested in purchasing the street back, the Sacramento Bee reported. The locals were not amused. They sued Cheng, Lam, and the city to get the street back. Good luck with that! Sounds like money wasted because it didn’t go in their favor. The buyers got to keep the street they spent over $90k on. You have to wonder if the Chengs purposely waited this long because they knew by then it would be too late to reverse the sale. Or were they simply unsure of what to do with it. My biggest shock was learning that you can buy a street in San Francisco. Did anyone know that? Or, did everyone know that except for me? I don’t usually see streets for sale on the East Coast, so this is as new to me as parking bills will be to the residents of Presidio Terrace. The city claimed there was nothing it could do at this point to reverse the sale since it happened so long ago. The couple plans to make a profit from the street by charging residents for parking, as it reportedly has 120 parking spaces. If the homeowners don’t want to cooperate in purchasing them, Cheng and Lam hope people outside the community might be interested. I would be angry if two random people bought my street and started charging me to park where I’ve been parking for years. Darn right there would be a lawsuit and maybe a lot more. You have to imagine that someone might get out of hand and react inappropriately out of anger if they ever receive a parking bill for their own street. How would you react if two people bought your street and started charging you to park there?