Author Archive

Tarantown or the The Greater Taran Empire? Page Mill’s LAFCo filing

According to newspaper reports and to documents filed with the Local Area Formation Commission, Page Mill Properties has requested a Sphere of Influence change that would detach East Palo Alto’s West Side from the municipal control of the City.  With shocking audacity, seemingly tone-deaf to the real work that went into the formation of East Palo Alto, Mr. Taran has applied his seemingly infinite legal resources to making the claim that he would run the city much better than the City itself.

Almost 5000 people live on the West side of East Palo Alto, and though they are undoubtedly in need of better services, Page Mill is certainly not the entity that will provide them.  With a mismanagement record that has included the death of a worker due to failure to observe proper safety codes, to a string of ham-fisted rent-increases, to failures to provide basic services, Page Mill seems to have trouble providing proper services that they are being paid to provide.   How are they going to take over running a City?

According to Page Mill, they have a plan which they call “The Page Mill Properties Plan”.  They claim it is much better than the East Palo Alto Plan, which one can read online.  Would you like to judge for yourself?  Well, you can’t: Page Mill will not release this plan, even though they are asking for the most extraordinary judgment possible from LAFCo, the movement of a City border, based on the claims of this document.  This is pretty darned ironic given that Page Mill has filed at least five (very dubious) lawsuits accusing the City of East Palo Alto of violating the open meetings act, also known as the Brown Act.

We can only assume that Tarantown is a town where your rights to know will be provided on a need-to-know basis.  It’s really existing feudalism! 

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Good Fences make Good Neighbors, Bad Neighbors make Expensive Fences

How does Page Mill spend the retirement money of CalPers investors?  Well, according to documents that Page Mill themselves voluntarily filed, the answer is, not so well.  The picture below, ladies and gentleman is for a fence built by Page Mill Property services and then billed to themselves, cost an astounding $21,080.   Now we measured the fence: it’s 211 linear feet.

1986 Euclid fence along street

That means $100 per linear foot of fence.  This is constructed out of 4×4 posts, 2×4 rails and rough 6 x 1 x 6ft planks. Home Depot, less than a mile away, will sell you these materials for about $1800-2000.  Page Mill is “selling” the fence to themselves with a 10x markup.  Court documents also reveal that this wonder happens through Page Mill’s “custom cash management system” and “non-exclusive licensing agreement” through which the “Woodland Park” logo is licensed to their various sub-corporations.

Skeptics might say that it takes a lot of money to lie to people.  But we see it as entertainment, a way to pass our golden years.

You say, but wait, that’s real money involved!  Yous say that perhaps they are paying for their bossmen to take a vacation while bilking their investors for every penny they can?   Hard to say, we suppose.  If you were born yesterday.

One has to wonder if people who worked hard as state employees, paying their retirement money into CalPERS at 7-8% of their monthly salary, year after year, think it is funny that a fence that could be built in a day of hard honest work cost as much as half of their annual salary.

Maybe Calpers thinks it is funny. We haven’t heard from them.  Maybe Mr. Taran thinks it is funny.  Maybe Mr. Schaadt who made the declaration thinks it is funny. They are laughing all the way to the bank.  But I can hardly imagine CalPERs retirees think it is funny, nor will the taxpayers who need to ante up to keep the system alive.

Next up: we’ll report on the $20,000 a month that Page Mill was paying for color consultation on their homes, and more!

Maybe they need a new tag line: “The glory of the mortgage bubble golden years continue at Page Mill Properties”

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Rotten to the Core? Page Mill Properties strikes again!

Christine Griffith, the lawyer from Ellman, Burke, Hoffman and Johnson who seems to have spent four lawyer-years attacking East Palo Alto with an incessant barrage of contrived lawsuits has hit a new low with her filing attempting to keep the Rent Stabilization measure off the ballot.

In a pleading that will be heard before the court on September 3rd, Griffith claims that the revised RSO should be removed from the ballot so that an environmental review can be conducted.  Page Mill essentially wants at all costs to stop the ballot measure from going before the voters.  Why? Could it be because her firm has raked in millions attacking the old RSO on technicalities?

Page Mill is apparently so desperate to stop the new, improved RSO that their paid help is willing to argue the following:

Rent control in general and, in particular, a program that so severely restricts rents, is known to result in physical deterioration of properties and neighborhoods subject to rent control to the point of creating physical urban decay or blight. It is now well settled that CEQA requires public agencies to analyze the urban decay or blight effects associated with their decisions. Bakersfield Citizens for Local Control v. City of Bakersfield (2004) 124 Cal.App.4th 1184, 1204 (“if the forecasted economic or social effects of a proposed project directly or indirectly will lead to adverse physical changes in the environment, then CEQA requires disclosure and analysis of these resulting physical impacts”);

This is idiotic. Ms. Griffith is trying to argue that: 1) urban decay will inevitably result from rent control;  2) “urban decay” is somehow an environmental problem; 3) the minor modification of an already existing rent stabilization ordinance constitutes a “physical change in the environment”; and 4) that this inane argument is grounds for a judge to intervene to prevent a ballot measure from going to the people?

Oh, but take her word for it: “this is well settled.”  Seems to us something is floating to the top here; it’s far from settled.

One has to ask the question: is there any way for the citizens of East Palo Alto to get an environmental review of Ms. Griffith?  There is a lot of hot air being wasted here to no good effect, and it is contributing to global warming. How do we file such a suit?

Wait there is more!  In one part of Griffith’s filing it argues that rent stabilization causes a “loss of housing stock” and just a bit later the filing says that the same law also causes “growth inducing impacts,” a tortured way of saying rampant urban growth.  Sounds like East Palo Alto’s law, which has been in place for twenty-five years causes simultaneously contradictory events. Oh dear! Perhaps a black hole will open up as a result.  Now that would be an “impactful” event!

But, concludes Ms. Griffith, with legal seriousness, “Neither the City Staff nor any City Council member said anything in response…to defend the claims of a CEQA exemption other than to summarily repeat their position that CEQA review was unnecessary” and that a refinement of an  existing housing ordinance fell under the “common sense exemption.” Griffith says this about objections she raised at the August 4th meeting, the night the ordinance was approved.  Griffith wants every time she comes up with a crackpot suggestion to stop a deliberative process so that she can shut it down with an expensive and pointless study.  Truth be told, this “project” is as exempt under CEQA as is putting a new toilet in your house.  It’s an existing project that you don’t need to file an exemption for.

Good grief, why can’t we on common sense grounds be exempted from this tortuous argument?  Should the City have asked if their Rent Laws also violated the War Powers Act or the rules of Maritime law?  How can one be sure?

The only solace here one supposes is that Griffith is doing this work pro bono to save the environment. According to her web page, she’s clearly very concerned about the environment.

Oh, no, wait, sorry: actually, retired school teachers and firefighters are paying for her work out of their retirement money.  Griffith charges around $400 an hour to produce this stuff.  We’re sure the forty page document was produced in a jiffy.

The disgusting truth about this suit is that is aimed at destroying civil rights.  The East Palo Alto City Council had a long series properly noticed public meetings with large attendances that Ms. Griffith attended.  Griffith doesn’t claim she didn’t receive notice; rather, in what appears to be an intentional distortion of the notices, Griffith chops up her discussion of the notices and the law to try to give the impression of gross impropriety, when in fact the notices were merely marred by a few typographical errors–fewer errors than one can find in a typical Griffith brief.

The whole of Griffith’s filing revolves around trying to stop the public from being harmed—harmed by being allowed to vote.   One would think that the public doesn’t need to be protected from voting on a measure put before the public.  But then if one thinks that one would not be the kind of upstanding member of the public that is Page Mill Properties.  For reasons that we can’t explain, certain words suddenly  come to mind: block, delay, obfuscate, confuse, disenfranchise, lie, bully, intimidate.  And if all else fails, argue that a law concerning the environment is somehow an obstacle for revising an existing housing ordinance.   Shameful.

Is there nothing money won’t buy?

Calpers is paying Page Mill to attack the City in this stupid way.  Incredible, incredible brain blight threatens. Calpers and Page Mill ought to donate some money to environment that their pathetic lawsuits are damaging with all the wasted paper.

Griffith, Page Mill, have you no shame?  Page Mill?  CalPERs?

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Page Mill Properties loses suit against City of East Palo Alto

A bizarre court trial, involving one of Page Mill’s shadow companies, 1643 Woodland LLC, was concluded on Tuesday with a judgment in favor of the defendant, the City of East Palo Alto.  Andrew Zacks, Page Mill’s lead attorney in the case, presented an often tortured argument that seemed to turn on a series of hypothetical questions that no one could really understand.

The central assertion seemed to be that 1643 Woodland LLC was a “small landlord” seeking to do its civic duty to inform other “similarly situated” companies (in other words, to inform itself and  Page Mill’s other LLCs) of their right to evade the ordinance by carving themselves up into sufficiently small bits so as to avoid detection.

Sometimes, people in East Palo Alto wonder if God has chosen them for a strange, cruel trial. How else can one explain one of Mr. Zacks’s most fascinating arguments, which involved trying to prove that the City of East Palo Alto was “being actively engaged in convincing tenants” to not organize to eliminate a provision of the Rent Stabilization Ordinance that would just so happen to benefit Page Mill.  (We’re not kidding, please go ahead and read the brief.)  The problem with this particular conspiracy theory, of course, is that no one from East Palo Alto was aware that we were somehow supposed to be organizing in order to allow Page Mill to keep raising rents contrary to the ordinance.  The conspiracy of silence was apparently so broad and insidious as to actually thwart the conspiracy itself.

Or maybe there is another answer: could it be that Page Mill has simply alienated everyone in the community by behaving illegally?

Reading these arguments would all be very funny if the consequences weren’t so real.  In truth, Page Mill continues to raise rents and evict tenants.  They pretend like they can’t read the law or that the law doesn’t apply to them.  Real people are being injured while Page Mill files suit after suit in an apparent attempt to destroy the city.

All of this unfolds against Page Mill’s incessant argument that somehow they are the victim. This is far from the case.  Maybe Page Mill should hire Mr. Zacks (or some other wordsmith) to file a lawsuit alleging that they were victim of a vast conspiracy to convince them to not not buy property in East Palo, not knowing that there was not not Rent Stabilization?  Why not?

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Page Mill’s “Targeted Evictions” Target Tenant Activists

On June 2nd, Page Mill mailed a series of “Ellis Act” eviction notices that appear to be aimed at tenants who have questioned Page Mill’s policies.  The Ellis Act is a state-wide law that allows landlords (even if they are under rent stabilization) to evict tenants if the owner  takes a series of actions that change the property deed so as to forbid renting the property for a period of ten  years.  The Ellis Act is meant to be a bitter pill for landlords who really want to live in their property instead of renting it out to someone else.  But the law has been misused for other purposes.  Quite often, in San Francisco, landlords give notice, telling tenants they must move out, only to have the landlord fail to follow through in placing the restrictions on the property.  These instances are called “bogus Ellis Act evictions”  should really be illegal, and are a truly low ploy for a landlord to engage in.

Did somebody say low ploy, hmm….is it time to add it to the Page Mill playbook?  Oh, right, who are we dealing with here….back to the story….

The Ellis Act eviction notices that went out earlier this month seemed largely aimed tenants who have articulated their concerns about Page Mill’s wrongdoings–they involve four properties–1909 Cooley, 1911 Cooley, 1643 Woodland, and 901 Cooley, all in East Palo Alto.   Indeed, we can verify that many of the tenants who have received notice of Page Mill’s putative plans to top renting and move in to East Palo Alto were almost simultaneously being harassed for lengthy depositions by Page Mill’s attorney on topics wide and sundry—all in relation to a suit that one of Page Mill’s shadow LLCs had filed not against them, but against the City (!?!)

( We’ll have more to report on that, but just so you know, Page Mill includes as one of the fringe benefits of the Woodland Park Community the chance for people who are victims of their scheme the privilege of being grilled by their lawyer for hours at a time about your opinion about the law.   It’s a really ugly process, and a misuse of the legal system.  The good news is that word on the street is that Page Mill has now lost that lawsuit–the 1643 Woodland lawsuit, for those trying to keep track–and has thus closed the door on one of their many avenues for harassing tenants.  If your next thought is that the new Ellis notices are merely a chance to discover a new angle for harassment, well, you are probably not wrong. We don’t believe however that Page Mill will prevail; eventually the law will see through these lies, as tenants already do.)

Ah, all the law we must learn to defend our right to the “peaceful enjoyment of one’s home.”   That reminds us that, as Independence Day is coming up soon, you might wish to exercise your civil rights and contact your local and state representatives.

We encourage you to contact your local representative to amend the Ellis Act to disallow bogus and fraudulent noticing, and encourage anyone who is even contemplating purchasing property in East Palo Alto to make sure you aren’t buying something that Page Mill has put under the Ellis Act but failed to inform buyers.  You don’t want to be victim of a fraud.

While you are contacting your state representatives about the abuse of the Ellis Act, consider giving a call to your federal representative to look into a statement made by Mr. Shore of Page Mill concerning these Ellis Act evictions.  In a recent Mercury News article, Mr. Shore said that Page Mill would be evicting rental tenants under rent stabilization in order to participate in a federal program designed, reportedly, to create housing opportunities for low- and moderate-income home buyers.

We really hope this isn’t true.  Tell your representative that it would be scandalous for a large landlord, whose money is coming from a state agency, to use a state law to evict tenants out of low income housing so that they might receive federal dollars for “creating” low income housing.  No federal program should take low-income rental housing off the market in order to turn the same apartments into low-income mortgages. Anna Eshoo, in particular, should be contacted on this matter: the property not only falls in her district, but she has apparently told members of the East Palo Alto Fair Rent Coalition that the crisis in East Palo Alto is “not a federal issue.”  Given that Ms. Eshoo’s ex-husband reportedly has (and thus she once had?) land holdings in East Palo Alto, we don’t find that particularly honest or probing.  Call her office at (650) 323-2984.

Tell your representatives that Page Mill has created nothing,and they certainly deserve no federal dollars for their predatory equity scheme.

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Where were the sprinklers at 1779 Woodland?

Just a bit ago, Page Mill issued a press release touting their magnanimity in housing families after a fire broke out at 1779 Woodland Avenue. While we salute Page Mill in rehousing tenants into some of their many unoccupied units, a few red flags did go up about the fire that are worth bringing up.  Fortunately, no one was hurt this time, but fire prevention is an ongoing task.

The central question is expressed in our title: why didn’t the sprinklers go off in the unit at 1779 Woodland? Well, the answer is simple in that there are no sprinklers at 1779 Woodland; but it is also not so simple because one has to ask why there are no sprinklers at 1779 Woodland.

East Palo Alto Building Code 18.16.630 et seq. state that a building of this size should have sprinklers. If the building were built this year, the builder would be required to have them. Of course 1779 Woodland is older than that, and we assume that it was built prior to the code standard.

But if you have been following Page Mill’s multiple lawsuits and shoddy applications to the city to try to claim that these have been “substantially rehabilitated” and therefore exempt from the Rent Stabilization laws in East Palo Alto, you probably know that there has been a lot of skepticism about Page Mill’s claims. Many residents have reported that Page Mill has mostly put up coats of paint, exterior fencing, and landscaping, and not done much to actually improve the places where residents live. Even their “disaster preparation” services seem to be euphamistic rather than real.   So you may not be surprised by the lack of sprinklers.

But cynicism and denial of responsibility do not constitute an excuse for misbehavior. It is important to note that Page Mill, which just sued the city by insisting that the City scrupulously follow all of the rules and regulations of the Rent Stabilization Ordinance, does not seem to be all that interested in reading these rules and regulations if they can profit from ignoring them. In the case of substantial rehabilitation claims, Page Mill would seem to be required, in order to meet the standard for exemption, that they have spent more than 50% of the purchase price for these units. Included in the many units for which they filed paperwork for “substantial rehabilitation” was 1779 Woodland.

The City denied Page Mill’s application for rehabilitation, not just because Page Mill utterly failed to follow the proper application procedure, but also because their qualifying expenses didn’t really add up to the level they were claiming, and Page Mill’s attorneys refused to show how the work was different than general maintenance or ordinary operating expenses.

But if we acknowledge that Page Mill must show that they’ve spent 50% of the purchase price to remove the property from rent stabilization, one has to wonder why they did they fail in the process of such substantial work to put in a sprinkler system that would protect the property and save lives?

And If we conjecture for a moment that Page Mill really did spend 50% of the purchase price and somehow didn’t put in sprinkler system, one has to ask where their Emeregency Preparedness, Code Enforcement, and Legal Advisors are. Because anybody who actually took the trouble to read the City code would find in section 8.16.570 that “every person altering a building which will increase the size or value of the building by 50% or more shall comply with the requirements of this code”.

We frankly are going to guess that 1779 Woodland has not been brought up to code in many regards.  But shouldn’t “substantial rehabilitation” involve compliance with all housing codes.   In Section 8 of the EPA code, it is clear that Sprinkers are part of the code.  As we mention above, Section 8.16.630 that requires any building with more that 2500 square feet to have a fire detection and sprinkler system.

This is very problematic and disturbing. It would seem that either Page Mill is making false claims about the rehabilitation projects in East Palo Alto, or they are completely negligent in bringing the buildings up to code if they indeed are spending the amount required for substantial rehabilitation. Which is it?

We would be happy to hear Page Mill’s side of this story, and hope that they are appreciative to us for bringing this potential liability to their attention. We look forward to a day when Page Mill reads the law with an intention of following it. It would seem that doing so would bring them into alignment with the Principles of Responsible Investment that their major backer and business partner, CalPERS has sworn to uphold. Where is CalPERS in all this?

We encourage everyone to express their concerns to the Fire Prevention Section of the Menlo Park Fire Prevention District at 650 688 8425 or to the Chief of Menlo Park Fire Prevention District and to the East Palo Alto’s Code Enforcement Division at 650-853-3189 .  Also, please consider addressing your concerns to the CalPERs Investment Committee, whose address is P.O. Box 942713, Sacramento, CA 94229-2713.

Page Mill has already caused the death of one worker through their neglect of safety standards.  Shouldn’t they follow the law when it comes to fire prevention, instead of issuing press releases after the fire has already broken out?

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Page Mill found in violation of Rent Stabilization Ordinance (Again)

Reports from several residents has confirmed that an administrative judge has declared Page Mill in the wrong in their attempt to raise rents on over a hundred residents who filed petitions in the fall of 2008.  This is not only the second time that the land speculator Page Mill has been found in violation of the ordinance: it also represents a clear statement that how abjectly Woodland Park Apartments / Page Mill  has ignored the law and refused to listen to plain reason.  Undoubtedly, Page Mill will appeal the case and try to drag out returning the overcharged rent.  We suspect that their legal team cackles while savoring slogans like “Justice delayed for our tenants is justice denied.”   We’ll have more to report on the hearing examiners’ decision soon, but for now it seems like perhaps justice will not be denied indefinitely.  We salute the Stanford Legal Clinic and the hundreds of EPA residents who took the time to stand up for their rights against a big bully.  More soon!

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Page Mill Fact Check #1

This is the first in a series of posts we will do about Page Mill’s ugly relation to the truth.

In a recent Mercury News article, Page Mill spokesperson Jim Shore finally admitted that Page Mill has evicted hundreds of people in East Palo Alto.  This is progress toward the unhappy truth.

Two weeks ago, Page Mill’s hired Public Relations “fixer,” Sam Singer, said in a prepared statement that Page Mill had only evicted twenty residents, and that “The data that is being provided by a local tenants group is simply false.”   Anyone who has actually been to the neighborhood knows this is false, and certainly Page Mill knew it was an outright falsehood.  When the fair rent coalition then published the actual San Mateo case numbers for the unlawful detainers filed by Page Mill, our favorite pension fund raiders were trapped in their own smokescreen.

Without apologizing for the insult of senseless lying and insult (or acknowledging that they had been irrefutably exposed in their lies), the refuted Mr. Shore simply tried to change the subject, arguing that though those previously denied evictions had indeed happened, but that such numbers were completely normal number, given the tenants that they had.

Okay, so for those of you keeping score at home, I think the score right now is Page Mill 0, the Truth 2.

Now, let it be said that some of Mr. Shore’s claims are really not verifiable and simply bizarre. Take for example his refusal to talk about vacancy rates in the East Palo Properties, on the grounds that such information is “proprietary.”  Hmm.  That’s interesting.  According to a scientifically conducted sample survey conducted by the fair rent coalition, Page Mill has achieved a vacancy rate of approximately 25% in their units in East Palo Alto—a rate that is about eight times the historic 3% vacancy rate of these apartments.  So when the Mercury News wanted Page Mill to comment on how they have reached this glorious achievement of being eight times worse at retaining tenants than their predecessors, Mr. Shore claimed such business information is a secret?  Isn’t that kind of like the teenager who trashes his parents house during the weekend and then replies, “Sorry, Dad, I can’t tell how it happened because that the story constitutes privileged information”?   Okay, so now we are at Page Mill 0, The Truth 2, The Bizarre 1.

But then the reporter, Jessica Bernstein-Wax, obviously asked Page Mill about the disproportionate rate at which they evict people in East Palo Alto.  Contacting an equivalently large landlord in Redwood City, and asking for a point of comparison between Page Mill’s 100 evictions per 1800 units, we learn:

Shirleen McDougal, president of Whitley Property Management in Redwood City, said her company manages about 1,100 units in the area and files about one unlawful detainer a year. Eviction rates of about 1 or 2 percent are fairly common in the area, said Len Moore, of San Carlos-based Vilmont Investment Properties.

This is good journalism, not content to let Page Mill put down another smokescreen.  Let’s see, Page Mill has approximately a 10% eviction rate over eighteen months, and other landlords are reporting about 1-2% a year, but with numbers as low as 1 in 1100 (about 1/10th of percent).  And Page Mill claims that their eviction rates are typical?  I think that the tenant volunteers have documented beyond any reasonable discussion that Page Mill cannot count, and that Page Mill has a serious eviction problem.  Another point for the Truth and a minus point for Page Mill for lame excuses of “confidentiality”.  (They are in fact required by local law to provide this information to the City, but have refused)   I think we also must give out a half-point on the bizarre for Mr. Shore’s seeming inability to grasp basic math. Page Mill 0, The Truth 3, The Bizarre 1.5

Page Mill’s spokespersons have represented many times to the rent board and to the City that they have “no intention of evicting people.”  They have such a funny way of showing it!   What is Page Mill planning to do with East Palo Alto other than to let units sit vacant for no reason? One can only ask which side of the  incompetence/mendacity pendulum Page Mill’s Jim Shore and David Taran are on today.  For now we can only add score: The Preposterous 1

Finally, last but not least: included in the Mercury article are several reports that Page Mill has intentionally refused to accept rent from tenants receiving “pay-or-quit” notices.  Could it be that the blatant refusal to accept rents is in fact a Page Mill strategy to drive people out? Page Mill must merely claim the rent is a single day late, refuse to accept the rent, and start an eviction process? Clearly Whitley Property Management does the right (and legal) thing, allowing tenants who fall behind on their rent to catch up and stay in their apartment.  Page Mill, on the other hand, seems to squeeze the eviction trigger with the glee of a ten-year old with a bb-gun.

How widespread are these refusals to accept rent payments? If you have experienced a refusal of rent from Page Mill, please write to us at mail@pagemillwatch.com, and we’ll preserve your confidentiality and try to do the truth some good.

Let Page Mill know: we’re going to do some more digging into some of Mr. Shore’s other claims, and we’ll report back here soon.  Oh by the way, if anyone from Page Mill cares to write in to tell us what you think the score should be, please do write.  We promise to reprint your response in toto on the website.


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“Zennie62″ nothing but a Page Mill Smear-for-Dollars Campaigner

The “video blogger” known as “Zennie62″ has posted a number of misinformed, slanderous, and just downright bizarre videos on Page Mill Properties such that a number of stories have appeared speculating on who this guy is, who has apparently never been to East Palo Alto, but who has filled  google searches with obviously fake opinion pieces about the wonderful job Page Mill is supposedly doing.  (We won’t link to Zennie because he wants to create fake controversy—but don’t worry, if you google “Page Mill” and “Zennie” you’ll find him: many, many copies of him with same junk.)

Obviously, Zennie is a paid PR flack and his videos seem to be produced by the same people who have created a “Page Mill Channel” on Youtube.  Wow, I’m sure they are watching that over at the homeless shelters.  Anybody who has ever had anything to do with East Palo Alto or Page Mill has strongly suspected that the people on the videos that Page Mill produces are not just being selectively edited, but rather are get money for saying everything is Mah-velous in EPA.

New information has come to light on how toxic and corrupt Zennie apparently is, which is to say that he’s just as corrupt as the people paying him, and that includes the ever-loving toxic crew at Chevron-Texaco, who seem to be willing to pay Zennie to spew nonsense reports about Chevron’s wonderful environmental stance in Ecuador.  The P.R. man Sam Singer of Singer & Associates is the paid  spokesperson for the wave of “upbeat” news stories that Page Mill inundates us with to try to get people to not pay attention to the disaster.  It is disgusting that the same guys will glibly justify turning a people’s homeland into a cancer trap are driving people out of their homes in East Palo Alto.  But anything for a buck, eh Zennie and Sam?

Encourage your friends to stop filling their tank at Chevron, and send a letter to your senator about how offensive disinformation campaigns are to anyone who values the truth.  And please, don’t feed Zennie the troll.

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Does Skyline Boulevard intersect with Page Mill Road?

Interesting article in the The San Francisco Business Journal concerning Skyline Realty, the embattled San Francisco housing portfolio. Using Massive leverage in the 1990s and 2000s, the Lembi family gobbled up housing at a tremendous rate, using high leverage and hard-ball tactics to drive rent control tenants out to take advantage of vacancy decontrol.

Maybe The Costa-Hawkins Residential Housing Act, the law that got the ball rolling on incentivizing landlord harassment of tenants, should be revised to limit this incentive to break rent control with crazy schemes?  Leaving behind a mountain of debt and having senselessly evicted many tenants, the slow-motion collapse of the Lembi fortune shows the dangers of reverse leverage and the perversity of seeking high- and fast- profits in established residential housing.

At any rate, too much news on the mortgage crisis has focused on blaming the little guy: but what about these commercial based mortgage securities?  What about those who cultivated the central myth of predatory equity schemes, which was that rents would actually go up in times of mortgage crisis?

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