Thursday, August 10, 2017
Tina Lam and Michael Cheng, a couple from South Bay, are the proud owners of one of the wealthiest and most exclusive residential streets in San Francisco. The couple won a city auction for a privately-owned street, Presidio Terrace, in April of 2015. The couple has been quietly holding onto the property while seeking the advice of land-use attorneys to explore options for earning a return on their investment. The street spans a single city block and is lined on both sides with multi-million dollar mansions. The extravagant and very private neighborhood has housed the likes of Senator Dianne Feinstein, Nancy Pelosi, and the late mayor Joseph Alioto.
The city’s tax office placed the street up for auction because the Homeowners Association had not paid $994 in back taxes. Current homeowners are understandably upset, but a representative for the city council was unmerciful: “Ninety-nine percent of property owners in San Francisco know what they need to do, and they pay their taxes on time — and they keep their mailing address up to date.”
See Matier & Ross, Rich SF Residents Get a Shock: Someone Bought Their Street, San Francisco Chronicle, August 7, 2017.