Page Mill Properties Goes into Receivership

East Palo Alto's biggest landlord missed a $50 million balloon payment to their bank last month...now the situation is perplexing enough but there is more news. On September 9, the San Mateo County Superior Court appointed Southern California based Ward Realty Advisors as receiver for the 1800 units. That company will now get t a property manager to take over running the buildings, and we hear that it will be early next week.

On September 1 the same court granted plaintiff Eric Oberle's motion for a preliminary injunction in a class action lawsuit against Page Mill. That was the injunction that barred Page Mill from collecting or enforcing rent increases that do not comply with East Palo Alto rent stabilization rules. This marked the beginning for the end for Page Mill. After all the money they spent on expensive lawyers, they now say (Or so one can read in corporate media) that the problem is "the economy".

So the tenants have endured harassment, eviction without justification, and and horrible living conditions .The disrepair as reported elsewhere on indybay is appalling. Thank goodness the tenants organized to fight the landlord. They will have to continue to keep up their work until the damage that has been done is repaired. Unfortunately, the tenants who are long gone will never recover from what they suffered while living under Page Mill's rule.