Monday, August 07, 2017

Couple buys private Presidio Terrace road in San Francisco for $90,000 in auction | The Sacramento Bee

Couple buys private Presidio Terrace road in San Francisco for $90,000 in auction | The Sacramento Bee

"It turns out the homeowners association for Presidio Terrace failed to pay a $14-a-year property tax, something that owners of all 181 private streets in San Francisco must do. So the city’s tax office put the property up for sale at the cost of $994 in an online auction to regain unpaid back taxes, penalties and interest. The couple eventually won the street with a $90,100 bid, outlasting several other bidders. Scott Emblidge, the attorney for the Presidio Homeowners Association, said in a letter to the city that the owners failed to pay because the tax bill was being sent to the address of an accountant who hadn’t worked for the homeowners association since the 1980s. Now the couple, who purchased the road in April 2015, are aiming to cash in. “We could charge a reasonable rent on it,” Cheng said, adding he and his wife could stand to profit from the 120 parking spaces on the street.
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What a delightful story. This couple is going to charge rich people to park on their own street. Unless they would prefer that the couple rent spaces on the street to the peasantry.

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