- A Bay Area couple paid $90,000 for one of the most exclusive streets in San Francisco. In November, city leaders voted to reverse the sale.
- Now the couple is suing the city to win their street back.
- They launched a GoFundMe page to finance the legal action.
In 2017, a Bay Area couple shook up a private street in San Francisco when residents found out the duo bought the cul-de-sac for $90,000 without the knowledge of its wealthy residents.
Homeowners railed against the buyers, Tina Lam and Michael Cheng, in a November hearing before the San Francisco Board of Supervisors. City leaders voted 7-4 to reverse the sale.
Now, the couple is suing the city to win their street back, the San Francisco Chronicle reports.
Lam, a Silicon Valley engineer, and her husband, Cheng, a real estate investor, have also launched a GoFundMe page to finance the legal action. They set a goal of $50,000.
The story unfolding at Presidio Terrace, a private development made up of 35 mega-mansions, has captured the attention of people far beyond its stone walls. When news spread that residents lost ownership of the sidewalks, landscaping, and parking spots outside their homes — without their knowledge — some celebrated the comeuppance of San Francisco’s ultra-rich.
In 2015, the city put the parcel up for sale in an online auction after the Presidio Terrace Homeowners Association failed to pay taxes on the street for more than a decade.
Lam and Cheng, who live in San Jose, scooped it up for just over $90,000, with plans to charge rent on street parking spots. Before the hearing at the Board of Supervisors, the couple offered to sell it back to residents for nearly $1 million, Supervisor Mark Farrell said at the Read More Here