ELDER PATRIOT – It’s exactly what you’d expect from political elites like Sen. Dianne Feinstein and her financier husband, Richard Blum; House Democratic leader Nancy Pelosi; and the late Mayor Joseph Alioto. They figured their political connections would allow them to avoid paying taxes with impunity.
So for three decades they failed to ante up the – get this – $14 annual tax bill on Presidio Terrace — the block-long, private oval street lined by 35 mega million-dollar mansions that would’ve protected their private privileges to the street, its sidewalks and every other bit of “common ground” in the private development that has a guard stationed round the clock at its stone-gate entrance to keep the curious away.
First generation immigrants Tina Lam and Michael Cheng snatched up Presidio Terrace for $90,100 in a city-run auction stemming from an unpaid tax bill. The unpaid tax bill was $994 and that included penalties and interest!
Now they are looking for ways to monetize their investment and the arrogant homeowners, who thought their politically aligned neighbors could make this go away are finding out the same law the applies to everyone else also applies to them.
The title search company working on behalf of Cheng and Lam asked the residents if they had any interest in buying back the property from the couple. Fair enough, right?
The arrogant homeowners turned down the offer and are now resorting to legal maneuvers to try to “steal” the property back.
The San Francisco Chronicle reported that “Treasurer-Tax Collector Jose Cisneros’ office says the city did what the law requires.
“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,” said spokeswoman Amanda Fried.
“There is nothing that our office can do” about the sale now, she added.”
They created their own nightmare for $0.40 a year!
As a result Cheng and his wife are looking to turn a profit on their investment, including generating revenue from the 120 parking spaces that is now under their control. If the elites living on the street fail to pony up the necessary parking fee they will be made available to outsiders who enduring extremely limited parking availability in the surrounding neighborhood.
Imagine that! The same elites that tell us who are neighbors must be are soon going to be subject to being forced to associate with people they prefer not to!
What makes this especially sweet is that until a 1948 U.S. Supreme Court ruling banned the enforcement of racial covenants, only whites could purchase homes in Presidio Terrace.