Video Rich Mansion Owners Pissed At Smart Couple

It turns out there are some downsides to privatization. Cenk Uygur and Ana Kasparian break it down. Brought to you by An Inconvenient Sequel: Truth To Power http://www.inconvenientsequel.com/action

“An enterprising couple from the South Bay was just able to purchase a neighborhood street from an online auction because of an accounting error, The San Francisco Chronicle reports. Now the neighborhood is worried about the ways the couple might try to cash in on the purchase.

The couple, Tina Lam and Michael Cheng, who run real estate firm Archers Capital, bought Presidio Terrace, a one-block oval street just northwest of downtown San Francisco. It is surrounded by multimillion dollar mansions (here’s the Google Street View), and up until 1948, it was racially segregated. That is, a few decades ago, Tina and Michael couldn’t buy a house on Presidio Terrace. Now they own it, and they might start charging residents for parking, The San Francisco Chronicle reports.

The reason why Cheng and Lam were able to pick up the street has to do with an idiotic accounting error involving a cheap annual tax bill, as the local paper reports:

The couple’s purchase appears to be the culmination of a comedy of errors involving a $14-a-year property tax bill that the homeowners association failed to pay for three decades. It’s something that the owners of all 181 private streets in San Francisco are obliged to do.”

Read more here: http://jalopnik.com/rich-bay-area-residents-pissed-after-two-genius-investo-1797602238

Hosts: Cenk Uygur, Ana Kasparian

Cast: Cenk Uygur, Ana Kasparian

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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)