East Palo Alto's rent stabilization program, established by voters in the early 1980's, was designed to help tenants know the maximum their future rent increases could be, enabling them to plan their family budgets with a measure of certainty. But in 2005 Page Mill Properties started buying up residences on East Palo Alto's west side and disputes with tenants and then with the city brewed.

Rent hikes, reduced maintenance service, and altered lease terms increased until many of the apartments owned and managed by Page Mill now sit empty, say remaining tenants. Others have left, either unable to pay the increases or confused by frequent notices from the giant landlord. Many of the residents are recent immigrants.

The west side of East Palo Alto sits close to the affluent city of Palo Alto and even shares the same zip code, leading residents to assert that Page Mill's motive is to get rid of all the tenants in order to "flip" the property for monetary gain.

Residents have filed class action suits, formed petition signature drives, and demonstrated in front of Page Mill Properties' Office in downtown Palo Alto. One group of tenants has particular reason to be outraged. Many East Palo Alto residents are public employees and their retirement system, CalPERS, has Page Mill Properties in its portfolio of investments. CalPERS is the pension fund for California public employees and is one of the largest financial institutions in the US.

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