Tuesday, December 15, 2009

TV News story covers the devastating impact of a predatory equity scheme on East Palo Alto

Hank Plante of CBS-5 News in San Francisco covers the story of the devastating impact Page Mill Properties' predatory equity scheme has had on the community of East Palo Alto. This report follows Bobby White's recent article in the Wall Street Journal about increased crime in properties that have been neglected by Page Mill Properties and CEO David Taran.

The report includes an interview with Tenants Together Executive Director Dean Preston where he explains how predatory equity schemes work and how the damage they cause communities is sadly predictable.

Watch for Page Mill PR spokesperson Sam Singer's classic remarks around the two-minute mark. According to him the recent "problems that are occurring are really the fault of someone else."

Page Mill's predatory equity scheme in East Palo Alto was partially financed by a $100 million investment from CalPERS, the state's public employee pension fund and has become the subject of increasing news coverage that explains the tenant impacts of such schemes, including stories in the Sacramento Bee and SF Bay Guardian, .

No comments:

Post a Comment