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surprise!!! rich people decide privatization of public resources

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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.

The attorney for the homeowners association says the reason why the bill hadn’t been paid was because, since the 1980s, it had been mailed to the address of the wrong accountant.

The result of decades worth of the city sending bills to the wrong address tallied up to $994 worth of unpaid taxes, fees and interest, which San Francisco decided to try to get back by putting the street and its sidewalks up for auction about two years ago.

Cheng, a real estate investor, and his wife were looking for opportunities at the time, saw the street for sale, and jumped on it, dropping $90,100 on the property.

http://jalopnik.com/rich-bay-area-residents-pissed-after-two-genius-investo-1797602238
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The residents were pissed, and petitioned the Board of Supervisors to nullify the sale. One resident explained to The San Francisco Chronicle the shock that they, the city’s wealthy, could be so rudely taken advantage of:

>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.

How dare they, indeed. But Cheng could make cash on this, saying of the 120 parking spots on the street “We could charge a reasonable rent on it.” The San Francisco Chronicle mentions that the couple wouldn’t sell spots solely to residents of the neighborhood, saying:

>And if the Presidio Terrace residents aren’t interested in paying for parking privileges, perhaps some of their neighbors outside the gates — in a city where parking is at a premium — would be.

Well played.

I called up Michael Cheng, and he told me over our brief conversation that he and his wife were just looking to buy any land in San Francisco. After looking at 40 parcels, he wound up with Presidio Terrace. And while, right now, he has no immediate plans to sell the street (he says he’s just looking to “understand the parcel”), he did say charging for parking “could be an option.”

It’s no surprise that residents are pissed that they might have to pay for parking on the private street just outside of their homes. But at the same time, keep your damn mailing address up to date—this is like, the most pathetic financial error ever, right up there with forgetting to update an autopay after a credit card expires.

These are the basics, people.

Correction: This story has been updated to clarify that the issue was with the homeowners association’s accountant’s mailing address, not the city’s.
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>$994 worth of unpaid taxes
would $1000 really have fixed enough of the roads? Also why would the city sell a road if they're missing just $1000?
Hopefully the private ownership will keep better care of it.
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>>166642
>would $1000 really have fixed enough of the roads?
It's not enough to maintain he roads, the city uses tax dollars for maintaining that. The city auctioned the property because the residens missed too many payments. Maybe private owners will take better care maybe they'll just set prices insufferably high for their own benefit. It's just funny that privatization is so reflexively feared when it happens to public property that the rich depend on and won't own themselves.
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OMG WHAT IS THAT?

*sniffs air*

*gags*

OK, THAT'S DEFINITELY COMMUNISM.
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>City mails bills to the wrong address for 30 years
>Auctions off streets for $1000 in back taxes in San Francisco
>Buyers are threatening to import crime and homeless if the residents dont pay a new rent for parking spaces
Yes OP, most people dont like sudden new expenses out of the blue. Glad youre figuring it out.
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>reduce governments ability to function
>complain when government doesn't function properly

GOP everyone.
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GET!
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>>166665

>Trust government to be competent
>Never is
>Only solution is more government

Libcucks everyone
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>>166583
OP, the street was a private street. It was privatized before they bought it. They are upset that their private road is going to become public
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>>166676
THIS A THOUSAND TIMES OVER.

and honestly, whats so wrong with privatizing roads? the only reason we have parking problems is that its treated like communism where its free. the free market can rectify that.
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>>166642
The tax was on the private street that the HOA of the area owned.

They can say that it was sent to the wrong accountant, but I think that's probably bullshit.
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>>166662
>Buyers are threatening to import crime and homeless if the residents dont pay a new rent for parking spaces
Criminals and the homeless pay for parking?
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>>166662
>City mails bills to the wrong address for 30 years

No, the home owners association failed to provide the city with the address of their new accountant 30 years ago.

It's the responsibility of the home owners association to provide the city with a proper mailing address, it's not the city's job to track down whoever is in charge of their accounting and the same would apply to the owner of a single family residence or any other property.
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>>166583
>put up no trespassing signs all around the street
>people trapped in the middle of the circle can't leave their homes and starve to death

Fucking pranked.
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>>166666
GOT!
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>>166665
How exactly is the GOP responsible for what happens in fucking San Francisco?
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>>166749

Don't ruin the liberal circle jerk

They have been brainwashed to believe they are always correct, so it has to be the Republicans when something they created starts fucking up
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>>166584
>he did say charging for parking “could be an option.”
>That is, a few decades ago, Tina and Michael couldn’t buy a house on Presidio Terrace.
gee i wonder why
>>
Who knew San Fran was a libertarian paradise?
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>>166676

Meanwhile government run cities are economic engines of wealth while you continue to subsist in a third world shit hole known as a deregulated, red area.

Or better yet, a "fake" red area (suburbs) which are supported by blue infrastructure.

Fun fact, poor people move to cities DUE to poverty, not the other way around. The hell hole known as South continues to be by all metrics on of the worst areas of the nation and has been predominantly red for decades now.

Have fun living in your deluded fantasy as the rest of the civilized world (blue areas and the fake red areas around them) continue to thrive while you wonder why your region has become a decrepit, bloated version of its former self yet uses more government funding than the rest of the nation. Better hope that "spooky liberal universities" don't invest in high end urban agriculture or we'll just shut you out for good and let you rot into a state worse than Somalia.

;)
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>>166749
>>166752

Identity politics everyone. Discussion sterilized to the point where it's about the party and not the ideology of the constituents in them. Only righties can somehow turn the right wing concept of privatization and make it the LIBERALS!!1!1!1 fault when wealthy people find out it can be abused.
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>>166679
it's not public if you have to pay to park on it.

it's private either way, but one way it's owned by the HMA who leaves it free to park on for residents, the other it's owned by a single guy who can now charge rent for all the parking in the neighborhood
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>>166766

I hope the irony of your post is not lost on you, but you're a retarded liberal cuck, so I have to assume it is
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>>166763

Instead of green texting every single incorrect statement you made, it's easier to just call you fucking stupid

This is why you liberals keep losing elections
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>>166730
yes otherwise the property value of this wouldn't go down
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>>166763
Correction: Successful cities and states have been built around clusters of highly successful industries. These places go on to raise taxes and may drive out their tax base as a result, like Illinois.
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>>166769

I hope the irony of yours isn't lost on you, you don't have any ground to stand on to call someone a hypocrite if you are one yourself.

The guy you're replying to is right, stop talking about rich people all being Republican. He's talking about people who call themselves Republican and then go on to claim OP's story is heinous, when it's just what usually happens to people who aren't rich.

Which is a very good observation.
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>>166771
>This is why you liberals keep losing elections

Honestly really do not give a shit anymore. The ability of the congressional GOP to actively shit into it's own constituency mouth while watching them wallow in astute poverty is truly astounding. The blue areas will continue to get richer, more advanced, while their happiness increases; while the red areas continue to become fatter, sicker, more depressed, poorer, less educated and every other negative connotation in the book.

I had the unfortunate displeasure of taking a spring break trip down to the south and I've literally been in developing countries with similar standards of living. The setting and economic productivity speak for themselves. Have fun subsisting on liberal tax dollars yet somehow managing to live a worse life than a liberal in every way possible.

>>166777
Successful industries seek cities due to societal and public infrastructure enabling them to thrive. Subsidies encourage them to building utterly massive skyscrapers, enabling accessibility to other markets situated in dense, compact corridors in an urban core.

Industries seek out cities for the accessibility of an entire metropolitan area being able to use public infrastructure (highways, mass transit) and thus fulfilling employment quotas.

Shit, even in the 2010's as we see a shit as office industries begin to relocate back in the urban core, even suburban office headquarters at least had infrastructure traced to subsisting on the central urban core.
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>>166791

This level of delusion is unreal
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>>166798

Yup, nothing. You got nothing.

Get the fuck out of my face. School's starting in a few weeks.
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>>166791
>Honestly really do not give a shit anymore. The ability of the congressional GOP to actively shit into it's own constituency mouth while watching them wallow in astute poverty is truly astounding. The blue areas will continue to get richer, more advanced, while their happiness increases; while the red areas continue to become fatter, sicker, more depressed, poorer, less educated and every other negative connotation in the book.

It's not so simple because democrats still stand up for trump supporters who depend on government protection even when they Trump supporters overwhelmingly blame democrats for their personal problems. The states that went most overwhelmingly for Trump are also the states that benefit the most from cost-sharing. It would be easy for democrats to simply obstruct any money going toward opioid addiction epidemic which is mostly a red state problem and to assist in dismantling our health insurance system just to put the hurt on trump country. Blue states can continue to implement state level pathways toward full coverage like Mass Health public option and Cal Aid. Republicans are going to look for ways to cut capital gains tax, estate tax, top earner tax rate, corporate tax, and reduce the number of tax brackets, which is going to shift the burden of generating revenue heavily toward working class while still reducing revenue for discretionary spending.

But democrats refuse to let them live with the consequences of their own votes. The political right has correctly identified that they can promote a utopian vision whereby all the problems of the working class can be solved but only when the country reaches a state of liberitarian perfection, and until then the suffering of the working class supporters are purely a product of obstruction from the left. And their supporters will buy it.
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>>166853
>but only when the country reaches a state of liberitarian perfection, and until then the suffering of the working class supporters are purely a product of obstruction from the left.

To me this is one of the most remarkable phenomenons of this year in politics. You'll hear a Republican crow about how they have a popular mandate for their agenda because they control the presidency, both houses of congress, a majority of state governors, a majority of state legislatures, and have a favorable make up in the supreme court, and then turn around and complain that it's the fault of the Democrats that nothing is getting done.

>And their supporters will buy it.

Maybe when they didn't hold practically everything, but now with an obvious and total control of the federal government I think people will stop believing. Then again, I see people on this board blame McCain for not being a true conservative and accuse him of being a liberal in disguise, so maybe they'll go with that angle and start purging moderate Republicans in the primaries or perhaps call for support in Democrat-controlled districts to counter the votes of the "unfaithful." Either way, I think the big healthcare defeat has set back the Republicans in a big way, they'll have to get one of their other big agenda items through before 2018 or they will end up slipping.
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>jalopnik.com
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>>166760

Hello, /s4s/ here, you forgot to pay the taxes on your post, I own it now and will make it into a meme, then sell it on t-shirts and become a multi-millionaire.
Thread posts: 35
Thread images: 1


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