PARMERCED PRESERVATION NEWS: Fall, 2012. The ongoing and ever-expanding global economic crisis which began in 2007 with a string of Wall Street catastrophes and the first of many U.S. government trillion $$$ bailouts of the criminal banksters is sure to have a dooming domino-effect on the Parkmerced Demolition Project's prospects of ever breaking ground in the near future or beyond. With the first housing bubble bursting coming soon after the Goldman-Sachs fiasco in the spring of 2007, the Parkmerced owners couldn't have chosen a more damning period of time to apply for their project permits from the City of San Francisco: 30% or more of all U.S. mortgages are either in foreclosure or on their way there, a gloomy condition that surpasses the terrible economic times of the first Great Depression of the 1930's. Further compounding their project troubles are the Parkmerced owners questionable financial health as evidenced by their own close call with foreclosure in 2010, only to be bailed-out by their new equity stakeholder, Fortress Investment Group, a company led by CEO Daniel Mudd, who has his own legal troubles with the Dept. of Justice due to his mismanagement of U.S. Fannie Mae and Freddie Mac funds in a previous executive position with the government. With the rapid rise in housing construction costs and the continuing crisis with devaluation of the U.S. dollar, the initial estimate of $1.2 billion for the cost of building this boondoggle project seems way out-of-reach for these corporate con artists. Don't be surprised if the clock runs out soon and interest dries up for these losers.
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In Other Parkmerced News: Almost 200 "Section 8" Parkmerced Tenants have received 3-Day Eviction Notices over the past few months for alleged "non-payment" of utility, water, and sewer charges on their monthly rent bills. Some of the bogus charges range from hundreds to thousands of dollars
in supposed unpaid and uncollected debts to the landlord. We
urge all residents who find themselves in this predicament to seek legal counsel immediately from the S.F. Tenants Union, St. Mary's Housing Rights Committee, or private counsel.........Tenant Activist Ms. Lynn Gavin recently won her "Sunshine Ordinance" complaint against the S.F. Board of Supervisors for passing the Amended Parkmerced Development Agreement without timely-notifying the general public and Parkmerced stakeholders (tenants) of the 11th hour sham amendments introduced by lackey Supervisor David Chiu. In a recent op-ed piece (Dec. 2011) in the WestSide Observer, Sunshine Task Force Chair Person Hope Johnson characterized those end-run attempts of local rent control laws and state laws (Costa-Hawkins) as "illegal". It is now up to pro-bankster District Attorney Jorge Gascon to prosecute Ms. Gavin's complaint. Don't hold your breath,residents........Finally, Parkmerced Ownership failed recently to generate wide interest from long-term townhome tenants in their ploy to move those residents into "interim" units during the construction phase of the project. What a shame! (LOL!)...... The 'Coalition to Save Parkmerced' will continue to fight the Demolition Project until it is soundly defeated. Stay tuned to this website for the latest news!
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