Did you hear about the accounting error that allowed a couple to purchase the private road of a number of million dollar homes in San Francisco?
My friends on a slack that @kidsysco and I are part of happened to post a news article in #funny on our slack and I did indeed find it interesting.
It turns out that for several decades a home association bill to pay a fee for a private road was sent to the wrong address for accounting. The bill ended up being under $1000 when San Francisco put the private road up for auction.
An enterprising real estate speculating couple Michael Cheng, and Tina Lam purchased it. Now the residents are pissed. They are speculating on whether to charge the people who live there to rent parking on the street outside of their own homes.
I am going to link to the original article, and you should give it a read if you are interested in this sort of thing. I still am shaking my head and chuckling over this. What a mess.
Read More from the article here.
I hope they don't gouge the homeowners by charging them for parking, though I could see turning a reasonable profit by selling it back to the HOA. If the guy who bought the street screws them, I wouldn't be surprised if the street started needing regular repair and maintenance... Of course, the best thing would have been to avoid such a mess in the first place. Guess that road wasn't the safe space they thought it was (a play on my new post :P). Cheers!
HOAs are the worst
Haha hilarious. Smart couple :-)
this really funny. why you a street be commercialize in this era?. Now, it looks like its a crime to live around the same neighborhood as Michael Cheng, and Tina Lam.
From what I read they don't even live in that neighborhood. They own the private street required to access all of those properties. LOL. Kind of insane.
I hope someone is going to take it up with them and get justice.
No man is an island...but...
Nice post