Wednesday, March 3, 2010

Wells Fargo is now East Palo Alto's largest landlord

On Tuesday, predatory landord, Page Mill Properties, officially lost all 1816 of its rental units in East Palo Alto to foreclosure.

With no bids made on the properties at the foreclosure auction, Wells Fargo Bank assumed ownership and became the largest landlord in the city.

The story has been widely covered in the media, including the San Jose Mercury News, KGO-TV, the San Francisco Business Times, and Palo Alto Online.

Many in East Palo Alto are glad to see Page Mill leave town.

"This creates the opportunity for justice to be done and for the law to be observed," said William Webster, a member of the city's rent stabilization board who attended the auction. "This may be the beginning of a new era of greater responsibility."

Stay tuned for more posts on this evolving story.

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