EPA-TENANTS.ORG
PROTECTING EAST PALO ALTO TENANTS AND FAMILIES
PROTECTING EAST PALO ALTO TENANTS AND FAMILIES
RECENT NEWS SUMMARY - UPDATED 2/4/2010
PRINT COVERAGE OF THE CRISIS - UPDATED 2/5/2010
OTHER USEFUL ARTICLES - UPDATED 2/4/2010
TELEVISION & RADIO COVERAGE - UPDATED 1/5/2010
BREAKING NEWS: In a decision filed on February 1, 2010, the California Court of Appeal ruled that Page Mill Properties is not entitled to recover attorneys fees in successful litigation against the City under the terms of the RSO. The decision reverses a $20,000 award granted to Page Mill's Woodland Park Management in a recent San Mateo County Superior Court case (#CIV474521) revolving around RSO registration fees. The ruling may impact a similar award of $472,000 stemming from another suit (#CIV469315) filed by Page Mill contesting the City's 2008 urgency ordinance and rules revision.
BREAKING NEWS: The trustee's sale of Page Mill's East Palo Alto properties has been delayed. The public auction has been rescheduled for March 2, 2010 at 9:00 am at the San Mateo County Courthouse, 400 County Center, Redwood City, CA.
RECENT NEWS: IPS employees began posting notices of trustee's sale at Page Mill's East Palo Alto apartment buildings on January 6, 2010. A notice to tenants regarding the sale stated that right to possession may not be impacted as local law may prohibit eviction due to foreclosure. Transfer of ownership due to foreclosure is not a permitted cause for eviction under East Palo Alto's Rent Stabilization Ordinance. A letter from IPS assured tenants that the notices of sale in no way altered tenancy. Case law on this topic was discussed in a recent memo on foreclosure from the San Francisco City Attorney's Office.
RECENT NEWS: On December 8, 2009, CalPERS posted a memo from Pension Consulting Alliance that was highly critical of CalPERS' real estate investment managers. The memo, which was discussed at CalPERS' investment committee meeting on December 14, notes that steep losses in CalPERS' real estate portfolio are expected to continue well into next year. Year-over-year losses for the quarter ending June 2009 topped 48%.
RECENT NEWS: The San Mateo County Local Agency Formation Commission (LAFCo) voted unanimously on October 21, 2009, to maintain East Palo Alto's current sphere of influence (SOI) and reject Page Mill Properties' request to remove the area west of Highway 101 from the City's jurisdictional boundaries.
RECENT NEWS: On September 25, 2009, Wells Fargo filed notices of loan default on Page Mill's 1800 unit East Palo Alto apartment portfolio after Page Mill failed to make a $50 million balloon payment on August 4, 2009. Previously, on September 9, the San Mateo County Superior Court appointed Wald Realty Advisors as receiver for Page Mill's East Palo Alto holdings. In the complaint filed on September 8, Wachovia Bank, which was purchased by Wells Fargo in late 2008, also sought and received a temporary restraining order barring Page Mill from collecting rents on the properties and destroying any books relating to the portfolio. Page Mill also missed the August interest payment on the $243 million loan originated in June 2007.
Print Coverage: TOP
Feb 5, 2010, San Jose Mercury News: Court Of Appeal Reverses Decision To Award Page Mill Fees In Case Against East Palo Alto
Feb 4, 2010, Beyond Chron: Crucial Moment For Affordable Housing In Silicon Valley
Jan 30, 2010, Palo Alto Daily News: Auction Of Page Mill's East Palo Alto Properties Delayed
Jan 22, 2010, Palo Alto Weekly: EPA Prepares For Page Mill Lawsuit Negotiations
Jan 20, 2010, Los Angeles Times: CalPERS' Investments Underperform In 2009
Jan 7, 2010, Palo Alto Weekly: Page Mill Properties Buildings Face Auction
Jan 6, 2010, San Jose Mercury News: Page Mill's East Palo Alto Buildings To Hit The Auction Block Feb. 1
Dec 31, 2009, Oakland Tribune: Economy Top San Mateo County Story Of '09
Dec 30, 2009, San Jose Mercury News: East Palo Alto May Settle Page Mill Lawsuits
Dec 28, 2009, Pensions & Investments: How CalPERS Strategy Backfired
Dec 10, 2009, Wall Street Journal: Firm Takes Heat Over East Palo Alto Crime
Dec 1, 2009, Oakland Tribune: East Palo Alto Renters To Rally In Front Of City Hall Tonight
Nov 22, 2009, Washington Post: Renters Not Immune To Foreclosure Crisis
Nov 16, 2009, Sacramento Bee: CalPERS Realty Deals And Image Take A Beating
Nov 4, 2009, San Francisco Bay Guardian: The Pension Fund Evictions
Oct 22, 2009, San Jose Mercury News: San Mateo County Agency Rejects Attempt To Unincorporate Western East Palo Alto
Oct 13, 2009, San Jose Mercury News: San Mateo Construction Firm Sues Page Mill For Alleged Unpaid Work
Oct 2, 2009, San Jose Mercury News: Page Mill's East Palo Alto Properties Now In Default
Oct 1, 2009, The Registry: 'Radical Gentrification' In East Palo Alto
Sep 30, 2009, The Registry: Wells Fargo Foreclosing On Taran, Page Mill Properties
Sep 25, 2009, San Jose Mercury News: Embattled East Palo Alto Real Estate Empire Teeters On Collapse
Sep 23, 2009, San Jose Mercury News: Page Mill's East Palo Alto Buildings Get New Property Manager
Sep 17, 2009, San Jose Mercury News: East Palo Alto Rent Law Won't Appear On November Ballots
Sep 10, 2009, San Jose Mercury News: Court-appointed Receiver To Run Page Mill's East Palo Alto Units
Sep 10, 2009, The Registry: Court Receiver Takes Control
Sep 10, 2009, San Jose Mercury News: Wells Fargo To Seek 3rd Party Intervention In Page Mill Dispute
Sep 9, 2009, The Registry: Palo Alto Developer Losing $340 Million Bet With CalPERS Money
Sep 9, 2009, Palo Alto Weekly: Wells Fargo Seeks Receivership For Page Mill Buildings
Sep 5, 2009, San Jose Mercury News: East Palo Alto's Largest Landlord Losing Control Of Properties
Sep 4, 2009, Palo Alto Weekly: Page Mill Closes Offices, Fuels Speculation
Sep 4, 2009, Palo Alto Weekly: Tenants Win Suit Against Page Mill Properties
Sep 3, 2009, Palo Alto Weekly: Page Mill: Change East Palo Alto Boundaries
Sep 3, 2009, Palo Alto Daily News: Judge Rules In Favor Of Page Mill Tenants
Sep 3, 2009, Beyond Chron: Predatory Landlord Scheme Starts To Unravel In East Palo Alto
Sep 2, 2009, Palo Alto Weekly: Tenants Win Injunction Against Page Mill
Sep 1, 2009, San Jose Mercury News: Page Mill Could Lose Ownership Of East Palo Alto Properties
Aug 28, 2009, San Jose Mercury News: Page Mill Seeks To Remove West Side Of East Palo Alto From City Limits
Aug 17, 2009, San Jose Mercury News: East Palo Alto, County Sued Over New Rent Control Law
Aug 7, 2009, San Jose Mercury News: East Palo Alto Sends Proposed Rent Control Ordinance To County
Jul 31, 2009, San Jose Mercury News: Judge: Restraining Order Against East Palo Alto Only Applied To One Meeting
Jul 30, 2009, San Jose Mercury News: Judge Issues Temporary Restraining Order Against East Palo Alto
Jul 16, 2009, San Jose Mercury News: East Palo Alto Working On Final Rent Law Changes
Jun 19, 2009, San Jose Mercury News: Judge Rules Against Page Mill In 1643 Woodland Case
Jun 18, 2009, FRC: Predatory Real Estate Fund Undermines Wells Fargo's And CalPERS' Claims Of Corporate Responsibility
Jun 12, 2009, San Jose Mercury News: Palo Alto Police Investigate Allegations Against Former Lieutenant
Jun 4, 2009, San Jose Mercury News: Page Mill To Evict Prominent Tenant Organizer In East Palo Alto
May 20, 2009, San Jose Mercury News: Hearing Examiner Rules For 136 Tenants Against East Palo Alto Landlord
May 14, 2009, San Jose Mercury News: Tenants Group: East Palo Alto Landlord Evicting Many Residents
May 7, 2009, San Jose Mercury News: East Palo Alto Council Gives Finalized Recommendations On Rent Control Law Changes
May 4, 2009, Beyond Chron: Is East Palo Alto Landlord Paying Bloggers To Promote Tenant Displacement?
Apr 30, 2009, FRC: Official Eviction Data Expose Disproportionate Displacement Of Page Mill Tenants
Apr 25, 2009, San Jose Mercury News: East Palo Alto Working On Changes To Rent Law For November Elections
Apr 25, 2009, East Palo Alto Today: Evictions Soar In East Palo Alto
Apr 11, 2009, San Jose Mercury News: Page Mill Files New Suit Against East Palo Alto Alleging Rent Board Wrongly Denied Exemption Claims
Mar 20, 2009, San Jose Mercury News: DA Deciding Whether To File Criminal Charges In 2007
East Palo Alto Electrocution Death Of Page Mill Employee
Mar 11, 2009, Palo Alto Weekly: Page Mill Tenants Protest Through Palo Alto
Mar 4, 2009, San Jose Mercury News: Officer Under Fire Steps Down
Mar 2, 2009, Palo Alto Weekly: Page Mill Security Consultant Retires As Officer
Feb 24, 2009, Palo Alto Weekly: Palo Alto Police Lieutenant Ends 'Security' Job
Feb 22, 2009, Palo Alto Daily News: Stop, Or We'll Sue
Feb 21, 2009, Palo Alto Daily News: Palo Alto Police Lieutenant No Longer Does Contract Work For Page Mill
Feb 10, 2009, Palo Alto Weekly: Tenants Lash Out Against Police Investigation
Feb 6, 2009, Palo Alto Daily News: Owner, Activist Trade Barbs
Feb 2, 2009, CalPensions: CalPERS: Pushing Out The Poor
Jan 24, 2009, San Jose Mercury News: Attorneys For Page Mill And Its East Palo Alto Tenants Clash During Legal Hearing Over Rent Increases
Jan 22, 2009, Palo Alto Daily News: Legal Entanglements Between East Palo Alto, Page Mill Worsen
Dec 17, 2008, San Jose Mercury News: East Palo Alto Council Asks CalPERS To Pull Investments In Page Mill Properties
Dec 17, 2008, Palo Alto Weekly: EPA Calls Page Mill Properties 'Predatory'
Dec 16, 2008, CLSEPA: Battle Over Rent Control Still Rages In East Palo Alto, Page Mill Properties' Relations With City Officials Remain Bitter
Dec 5, 2008, Palo Alto Weekly: Tenants Allege Harassment In East Palo Alto
Nov 27, 2008, Palo Alto Daily News: Page Mill Claims Win Over East Palo Alto In Rent-Control Suits
Nov 18, 2008, Palo Alto Daily News: Page Mill Tenants Share Experiences
Oct 24, 2008, Palo Alto Weekly: Lives Hanging In The Balance
Oct 8, 2008, Palo Alto Weekly: Judge Overturns Ruling In EPA Rent Case
Oct 4, 2008, Palo Alto Daily News: Judge Stays East Palo Alto Rent Hikes
Sep 16, 2008, Palo Alto Daily News: City Gets Hands On Page Mill Documents
Sep 8, 2008, San Mateo Daily News: Page Mill Suffers Legal Setback
Aug 13, 2008, Oakland Tribune: East Palo Alto Law Clinic Preparing Page Mill Database
Jul 28, 2008, Palo Alto Daily News: Page Mill Properties Target Of Lawsuit
Jul 18, 2008, Silicon Valley Business Journal: Offers Made On 1,700 Page Mill Units
Jun 16, 2008, Palo Alto Weekly: New Rent Increases To Hit 'Page Mill' Tenants
Apr 7, 2008, Silicon Valley Debug: Small Town Love - East Palo Alto Families Sweat Rent Hikes
Mar 10, 2008, Daily Californian: East Palo Alto Seeks Berkeley's Advice On Rent Stabilization
Feb 25, 2008, Palo Alto Weekly: Court Overturns East Palo Alto Rent Freeze
Jan 10, 2008, Oakland Tribune: East Palo Alto Council Passes 6-Month Freeze On Rent Hikes
Dec 28, 2007, Silicon Valley Business Journal: CalPERS Backs Page Mill Plan
Dec 19, 2007, Palo Alto Weekly: Man Killed Hanging Christmas Lights Is Identified
Dec 15, 2007, Palo Alto Weekly: Man Dies While Hanging Christmas Lights
Dec 13, 2007, Palo Alto Weekly: Rent Increases Hit East Palo Alto Tenants Hard
Dec 11, 2007, Palo Alto Weekly: East Palo Alto Tenants To Protest Rent Increases
Other Useful Articles: TOP
Jan 30, 2010, New York Times: All Those Little Stuyvesant Towns
Jan 25, 2010, New York Times: Fallout Is Wide In Failed Deal For Stuyvesant Town
Jan 25, 2010, New York Times: Huge Housing Complex In N.Y. Returned To Creditors
Jan 22, 2010, Sacramento Business Journal: CalPERS To Buy Real Estate This Year
Jan 16, 2010, Sacramento Bee: CalPERS Should Reveal The Laggards
Jan 15, 2010, Sacramento Bee: CalPERS Reveals Middlemen Paid $125 Million To Win Fund's Business
Jan 14, 2010, Sacramento Bee: Middlemen Earn Huge Fees From CalPERS
Jan 11, 2010, Los Angeles Times: CalPERS To Disclose Details About Intermediaries
Jan 8, 2010, Wall Street Journal: Tishman, Blackrock Default On Stuyvesant Town
Jan 7, 2010, Wall Street Journal: U.S. Now A Renters' Market
Jan 4, 2010, The Californian: Cities, Counties Brace For Pension Crises
Jan 1, 2010, The Atlantic: Capitalist Fools
Dec 30, 2009, New York Times: Memphis Accuses Wells Fargo Of Discriminating Against Blacks
Dec 30, 2009, San Diego Union-Tribune: CalPERS: Clean House
Dec 24, 2009, Property Wire: US Commercial Property Values Now At Lowest For Seven Years, Latest Figures Show
Dec 23, 2009, New York Times: Banks Bundled Bad Debt, Bet Against It And Won
Dec 22, 2009, The Times: Investor Collapse Puts 1,000 New York Homes At Risk
Dec 18, 2009, New York Magazine: The Biggest, Baddest Real-Estate Loan
Dec 18, 2009, Wall Street Journal: Discord Behind TARP Exits
Dec 11, 2009, Los Angeles Times: CalPERS, CalSTRS See Long-Term Credit Ratings Lowered
Dec 9, 2009, Los Angeles Times: CalPERS Axing Investment Managers Over Real Estate Losses
Dec 8, 2009, Bloomberg: CalPERS Real Estate Holdings Decline 30% During First Quarter
Dec 7, 2009, Crain's New York Business: 10% Of NYC's Low-Cost Housing Seen Deep In Debt
Dec 7, 2009, Bloomberg: No Escape From TARP For U.S. Banks Choking On Real Estate Loans
Dec 6, 2009, Sacramento Bee: Governor To Give CalPERS More Funds Than It Asked For
Dec 3, 2009, Fortune: Why Wells Fargo Hasn't Paid U.S. Back
Dec 2, 2009, New York Times: New Landlord Is Chosen For Troubled Bronx Buildings
Dec 1, 2009, San Francisco Magazine: War Of Values
Nov 30, 2009, PublicCEO: CalPERS' Piece Of Budget Woes Gaining Attention
Nov 30, 2009, Reuters: Wells Fargo Looks Pricey Given TARP, Mortgage Losses
Nov 25, 2009, Wall Street Journal: CalPERS Weighs Booting BlackRock
Nov 17, 2009, Los Angeles Times: CalPERS Board Votes To Tighten Disclosure Rules For Middlemen
Nov 10, 2009, The Registry: CalPERS Endures $4.2 Billion Quarterly Loss In Real Estate
Nov 9, 2009, Los Angeles Times: CalPERS' Image Takes A Hit
Nov 7, 2009, Los Angeles Times: CalPERS To Consider Requiring Placement Agents To Register As Lobbyists
Nov 5, 2009, BusinessWeek: Why This Real Estate Bust Is Different
Oct 24, 2009, Wall Street Journal: MacFarlane Resigns As Adviser To CalPERS
Oct 23, 2009, Reuters: Laying On Bets At America's Biggest Pension Fund
Oct 23, 2009, Wall Street Journal: After A Decade-Plus Together, CalPERS Reviews Apollo Ties
Oct 18, 2009, New York Times: The Banks Are Not All Right
Oct 16, 2009, Commercial Mortgage Alert: Lenders Gloomy As Credit Crunch Drags On
Oct 15, 2009, Sacramento Bee: CalPERS Could Lose $500 Million On N.Y. Real Estate Deal
Oct 15, 2009, Wall Street Journal: An Apartment Complex Teeters
Oct 15, 2009, Wall Street Journal: CalPERS Rocked By 'Pay to Play'
Oct 14, 2009, Washington Post: Bank Regulators: Real Estate Loans Biggest Concern
Oct 14, 2009, Washington Post: CalPERS Launches Probe Of Placement Agent Fees
Oct 11, 2009, Washington Post: Steep Losses Pose Crisis For Pensions
Oct 7, 2009, The Registry: Apartments Prove Anchor In The Storm
Oct 6, 2009, New York Times: Debt-Market Paralysis Deepens Credit Drought
Sep 17, 2009, BankImplode: Wells Fargo's Commercial Portfolio Is A Ticking Time Bomb
Sep 17, 2009, Huffington Post: Predatory Equity
Sep 9, 2009, New York Times: Buyers Of Huge Manhattan Complex Face Default Risk
Sep 3, 2009, Wall Street Journal: Wells Fargo's Tight Lips Drag On Shares
Sep 1, 2009, New York Times: For Commercial Real Estate, Hard Times Have Just Begun
Aug 31, 2009, San Francisco Chronicle: Commercial Mortgage Defaults In Bay Area Rising
Aug 19, 2009, Wall Street Journal: CalPERS Takes Another Property Hit
Jul 31, 2009, San Francisco Examiner: Lawsuit Alleges CitiApartments Drained Tenant Deposit Accounts
Jul 23, 2009, New York Times: California Pension Fund Hopes Riskier Bets Will Restore Its Health
Jul 22, 2009, Wall Street Journal: CalPERS Has Worst Year, Off 23.4%
Jul 14, 2009, San Jose Mercury News: Silicon Valley Apartment Rents Fall 3.8%; Biggest Decline In Nation
Jul 14, 2009, New York Times: Struggling Landlords Leaving Repairs Undone
Jul 1, 2009, Mother Jones: Flip This Project
Jun 2, 2009, Sacramento Bee: RIP For CalPERS' Bad Real Estate Deal?
May 19, 2009, Washington Post: Federal Reserve To Widen Commercial Real Estate Lending Program
Apr 19, 2009, Sacramento Bee: CalPERS, CalSTRS Award Big Bonues Despite Losses
Mar 26, 2009, Wall Street Journal: Commercial Property Faces Crisis
Mar 25, 2009, New York Times: Cities Deal With A Surge In Shanty Towns
Mar 5, 2009, New York Times: Big Landlord Found To Have Wrongly Raised Rents
Feb 1, 2009, New York Magazine: Clash Of The Utopias
Jan 28, 2009, Wall Street Journal: For San Francisco Landlord, Bell Tolls On A Heavy-Debt Plan
Jan 28, 2009, New York Times: Wells Fargo Posts Loss As Wachovia Takes Toll
Jan 21, 2009, San Francisco Chronicle: Bay Area Rental Market Gives Tenants An Edge
Jan 4, 2009, Sacramento Bee: CalPERS Took Huge Gamble At The Worst Time
Dec 24, 2008, Palo Alto Daily News: Homeless Service Exhausted
Dec 17, 2008, Real Estate Weekly: Affordable Housing: Private Equity Solution To Predatory Equity
Dec 17, 2008, Wall Street Journal: Risky, Ill-Timed Land Deals Hit CalPERS
Dec 16, 2008, New York Times: A List A Landlord Doesn't Want to Be On
Oct 4, 2008, Washington Post: After Change In Tax Law, Wells Fargo Swoops In
Oct 4, 2008, Wall Street Journal: Wachovia Chooses Wells Fargo, Spurns Citi
Oct 3, 2008, New York Times: Wells Fargo To Buy Wachovia
Oct 2, 2008, Crain's New York Business: 'Predatory Equity' Smothering Affordable Housing
Aug 26, 2008 New York Times: Fear Of Defaults After A Flurry Of Apartment House Sales
May 19, 2008, Los Angeles Times: Misjudging The Landscape
May 9, 2008, New York Times: Questions Of Rent Tactics By Private Equity
May 7, 2008, Wall Street Journal: Wachovia's Big-Loan Executive Is Leaving
Feb 29, 2008, Commercial Mortgage Alert: Soaring Debt Yields Luring Fund Operators
Jul 13, 2007, San Francisco Business Times: Lembis Pump $200M Into Growing Housing Empire
Aug 17, 2006, San Francisco Examiner: S.F. Sues Major Residential Rental Firm
Television Coverage: TOP
Dec 11, 2009, CBS 5: Some Blame Firm On East Palo Alto Crime Spike
Sep 8, 2009, ABC 7: Residents Upset Bank Shut Off Apartment Account
Apr 23, 2009, Cable Channel 27: Talking With Henrietta; Is Anyone Being Treated Unfairly?
Jul 26, 2008, Univision Noticias 14: East Palo Alto Rent Petition Drive Draws Hundreds of Page Mill Residents
Dec 13, 2007, CBS 5: East Palo Alto Tenants Angry Over Rent Hikes
Radio Coverage:
Dec 30, 2009, KLIV: East Palo Alto Could Be Settling Page Mill Properties Lawsuit
Dec 22, 2009, WNYC: Speculative Real Estate Deals Put Buildings At Risk
Nov 12, 2009, Marketplace: Investors In Apartments Are Squeezed
Oct 12, 2009, NPR: Some Tenants Pay The Price For Mortgage Excesses
Sep 8, 2009, KCBS: Tenants Concerned About Landlord's Finances
Sep 5, 2009, KLIV: Page Mill Properties Closes Offices
Other Coverage:
Page Mill Properties Watch
TOP Contact: EPA-TENANTS.ORG
PRINT COVERAGE OF THE CRISIS - UPDATED 2/5/2010
OTHER USEFUL ARTICLES - UPDATED 2/4/2010
TELEVISION & RADIO COVERAGE - UPDATED 1/5/2010
BREAKING NEWS: In a decision filed on February 1, 2010, the California Court of Appeal ruled that Page Mill Properties is not entitled to recover attorneys fees in successful litigation against the City under the terms of the RSO. The decision reverses a $20,000 award granted to Page Mill's Woodland Park Management in a recent San Mateo County Superior Court case (#CIV474521) revolving around RSO registration fees. The ruling may impact a similar award of $472,000 stemming from another suit (#CIV469315) filed by Page Mill contesting the City's 2008 urgency ordinance and rules revision.
BREAKING NEWS: The trustee's sale of Page Mill's East Palo Alto properties has been delayed. The public auction has been rescheduled for March 2, 2010 at 9:00 am at the San Mateo County Courthouse, 400 County Center, Redwood City, CA.
RECENT NEWS: IPS employees began posting notices of trustee's sale at Page Mill's East Palo Alto apartment buildings on January 6, 2010. A notice to tenants regarding the sale stated that right to possession may not be impacted as local law may prohibit eviction due to foreclosure. Transfer of ownership due to foreclosure is not a permitted cause for eviction under East Palo Alto's Rent Stabilization Ordinance. A letter from IPS assured tenants that the notices of sale in no way altered tenancy. Case law on this topic was discussed in a recent memo on foreclosure from the San Francisco City Attorney's Office.
RECENT NEWS: On December 8, 2009, CalPERS posted a memo from Pension Consulting Alliance that was highly critical of CalPERS' real estate investment managers. The memo, which was discussed at CalPERS' investment committee meeting on December 14, notes that steep losses in CalPERS' real estate portfolio are expected to continue well into next year. Year-over-year losses for the quarter ending June 2009 topped 48%.
RECENT NEWS: The San Mateo County Local Agency Formation Commission (LAFCo) voted unanimously on October 21, 2009, to maintain East Palo Alto's current sphere of influence (SOI) and reject Page Mill Properties' request to remove the area west of Highway 101 from the City's jurisdictional boundaries.
RECENT NEWS: On September 25, 2009, Wells Fargo filed notices of loan default on Page Mill's 1800 unit East Palo Alto apartment portfolio after Page Mill failed to make a $50 million balloon payment on August 4, 2009. Previously, on September 9, the San Mateo County Superior Court appointed Wald Realty Advisors as receiver for Page Mill's East Palo Alto holdings. In the complaint filed on September 8, Wachovia Bank, which was purchased by Wells Fargo in late 2008, also sought and received a temporary restraining order barring Page Mill from collecting rents on the properties and destroying any books relating to the portfolio. Page Mill also missed the August interest payment on the $243 million loan originated in June 2007.
Print Coverage: TOP
Feb 5, 2010, San Jose Mercury News: Court Of Appeal Reverses Decision To Award Page Mill Fees In Case Against East Palo Alto
Feb 4, 2010, Beyond Chron: Crucial Moment For Affordable Housing In Silicon Valley
Jan 30, 2010, Palo Alto Daily News: Auction Of Page Mill's East Palo Alto Properties Delayed
Jan 22, 2010, Palo Alto Weekly: EPA Prepares For Page Mill Lawsuit Negotiations
Jan 20, 2010, Los Angeles Times: CalPERS' Investments Underperform In 2009
Jan 7, 2010, Palo Alto Weekly: Page Mill Properties Buildings Face Auction
Jan 6, 2010, San Jose Mercury News: Page Mill's East Palo Alto Buildings To Hit The Auction Block Feb. 1
Dec 31, 2009, Oakland Tribune: Economy Top San Mateo County Story Of '09
Dec 30, 2009, San Jose Mercury News: East Palo Alto May Settle Page Mill Lawsuits
Dec 28, 2009, Pensions & Investments: How CalPERS Strategy Backfired
Dec 10, 2009, Wall Street Journal: Firm Takes Heat Over East Palo Alto Crime
Dec 1, 2009, Oakland Tribune: East Palo Alto Renters To Rally In Front Of City Hall Tonight
Nov 22, 2009, Washington Post: Renters Not Immune To Foreclosure Crisis
Nov 16, 2009, Sacramento Bee: CalPERS Realty Deals And Image Take A Beating
Nov 4, 2009, San Francisco Bay Guardian: The Pension Fund Evictions
Oct 22, 2009, San Jose Mercury News: San Mateo County Agency Rejects Attempt To Unincorporate Western East Palo Alto
Oct 13, 2009, San Jose Mercury News: San Mateo Construction Firm Sues Page Mill For Alleged Unpaid Work
Oct 2, 2009, San Jose Mercury News: Page Mill's East Palo Alto Properties Now In Default
Oct 1, 2009, The Registry: 'Radical Gentrification' In East Palo Alto
Sep 30, 2009, The Registry: Wells Fargo Foreclosing On Taran, Page Mill Properties
Sep 25, 2009, San Jose Mercury News: Embattled East Palo Alto Real Estate Empire Teeters On Collapse
Sep 23, 2009, San Jose Mercury News: Page Mill's East Palo Alto Buildings Get New Property Manager
Sep 17, 2009, San Jose Mercury News: East Palo Alto Rent Law Won't Appear On November Ballots
Sep 10, 2009, San Jose Mercury News: Court-appointed Receiver To Run Page Mill's East Palo Alto Units
Sep 10, 2009, The Registry: Court Receiver Takes Control
Sep 10, 2009, San Jose Mercury News: Wells Fargo To Seek 3rd Party Intervention In Page Mill Dispute
Sep 9, 2009, The Registry: Palo Alto Developer Losing $340 Million Bet With CalPERS Money
Sep 9, 2009, Palo Alto Weekly: Wells Fargo Seeks Receivership For Page Mill Buildings
Sep 5, 2009, San Jose Mercury News: East Palo Alto's Largest Landlord Losing Control Of Properties
Sep 4, 2009, Palo Alto Weekly: Page Mill Closes Offices, Fuels Speculation
Sep 4, 2009, Palo Alto Weekly: Tenants Win Suit Against Page Mill Properties
Sep 3, 2009, Palo Alto Weekly: Page Mill: Change East Palo Alto Boundaries
Sep 3, 2009, Palo Alto Daily News: Judge Rules In Favor Of Page Mill Tenants
Sep 3, 2009, Beyond Chron: Predatory Landlord Scheme Starts To Unravel In East Palo Alto
Sep 2, 2009, Palo Alto Weekly: Tenants Win Injunction Against Page Mill
Sep 1, 2009, San Jose Mercury News: Page Mill Could Lose Ownership Of East Palo Alto Properties
Aug 28, 2009, San Jose Mercury News: Page Mill Seeks To Remove West Side Of East Palo Alto From City Limits
Aug 17, 2009, San Jose Mercury News: East Palo Alto, County Sued Over New Rent Control Law
Aug 7, 2009, San Jose Mercury News: East Palo Alto Sends Proposed Rent Control Ordinance To County
Jul 31, 2009, San Jose Mercury News: Judge: Restraining Order Against East Palo Alto Only Applied To One Meeting
Jul 30, 2009, San Jose Mercury News: Judge Issues Temporary Restraining Order Against East Palo Alto
Jul 16, 2009, San Jose Mercury News: East Palo Alto Working On Final Rent Law Changes
Jun 19, 2009, San Jose Mercury News: Judge Rules Against Page Mill In 1643 Woodland Case
Jun 18, 2009, FRC: Predatory Real Estate Fund Undermines Wells Fargo's And CalPERS' Claims Of Corporate Responsibility
Jun 12, 2009, San Jose Mercury News: Palo Alto Police Investigate Allegations Against Former Lieutenant
Jun 4, 2009, San Jose Mercury News: Page Mill To Evict Prominent Tenant Organizer In East Palo Alto
May 20, 2009, San Jose Mercury News: Hearing Examiner Rules For 136 Tenants Against East Palo Alto Landlord
May 14, 2009, San Jose Mercury News: Tenants Group: East Palo Alto Landlord Evicting Many Residents
May 7, 2009, San Jose Mercury News: East Palo Alto Council Gives Finalized Recommendations On Rent Control Law Changes
May 4, 2009, Beyond Chron: Is East Palo Alto Landlord Paying Bloggers To Promote Tenant Displacement?
Apr 30, 2009, FRC: Official Eviction Data Expose Disproportionate Displacement Of Page Mill Tenants
Apr 25, 2009, San Jose Mercury News: East Palo Alto Working On Changes To Rent Law For November Elections
Apr 25, 2009, East Palo Alto Today: Evictions Soar In East Palo Alto
Apr 11, 2009, San Jose Mercury News: Page Mill Files New Suit Against East Palo Alto Alleging Rent Board Wrongly Denied Exemption Claims
Mar 20, 2009, San Jose Mercury News: DA Deciding Whether To File Criminal Charges In 2007
East Palo Alto Electrocution Death Of Page Mill Employee
Mar 11, 2009, Palo Alto Weekly: Page Mill Tenants Protest Through Palo Alto
Mar 4, 2009, San Jose Mercury News: Officer Under Fire Steps Down
Mar 2, 2009, Palo Alto Weekly: Page Mill Security Consultant Retires As Officer
Feb 24, 2009, Palo Alto Weekly: Palo Alto Police Lieutenant Ends 'Security' Job
Feb 22, 2009, Palo Alto Daily News: Stop, Or We'll Sue
Feb 21, 2009, Palo Alto Daily News: Palo Alto Police Lieutenant No Longer Does Contract Work For Page Mill
Feb 10, 2009, Palo Alto Weekly: Tenants Lash Out Against Police Investigation
Feb 6, 2009, Palo Alto Daily News: Owner, Activist Trade Barbs
Feb 2, 2009, CalPensions: CalPERS: Pushing Out The Poor
Jan 24, 2009, San Jose Mercury News: Attorneys For Page Mill And Its East Palo Alto Tenants Clash During Legal Hearing Over Rent Increases
Jan 22, 2009, Palo Alto Daily News: Legal Entanglements Between East Palo Alto, Page Mill Worsen
Dec 17, 2008, San Jose Mercury News: East Palo Alto Council Asks CalPERS To Pull Investments In Page Mill Properties
Dec 17, 2008, Palo Alto Weekly: EPA Calls Page Mill Properties 'Predatory'
Dec 16, 2008, CLSEPA: Battle Over Rent Control Still Rages In East Palo Alto, Page Mill Properties' Relations With City Officials Remain Bitter
Dec 5, 2008, Palo Alto Weekly: Tenants Allege Harassment In East Palo Alto
Nov 27, 2008, Palo Alto Daily News: Page Mill Claims Win Over East Palo Alto In Rent-Control Suits
Nov 18, 2008, Palo Alto Daily News: Page Mill Tenants Share Experiences
Oct 24, 2008, Palo Alto Weekly: Lives Hanging In The Balance
Oct 8, 2008, Palo Alto Weekly: Judge Overturns Ruling In EPA Rent Case
Oct 4, 2008, Palo Alto Daily News: Judge Stays East Palo Alto Rent Hikes
Sep 16, 2008, Palo Alto Daily News: City Gets Hands On Page Mill Documents
Sep 8, 2008, San Mateo Daily News: Page Mill Suffers Legal Setback
Aug 13, 2008, Oakland Tribune: East Palo Alto Law Clinic Preparing Page Mill Database
Jul 28, 2008, Palo Alto Daily News: Page Mill Properties Target Of Lawsuit
Jul 18, 2008, Silicon Valley Business Journal: Offers Made On 1,700 Page Mill Units
Jun 16, 2008, Palo Alto Weekly: New Rent Increases To Hit 'Page Mill' Tenants
Apr 7, 2008, Silicon Valley Debug: Small Town Love - East Palo Alto Families Sweat Rent Hikes
Mar 10, 2008, Daily Californian: East Palo Alto Seeks Berkeley's Advice On Rent Stabilization
Feb 25, 2008, Palo Alto Weekly: Court Overturns East Palo Alto Rent Freeze
Jan 10, 2008, Oakland Tribune: East Palo Alto Council Passes 6-Month Freeze On Rent Hikes
Dec 28, 2007, Silicon Valley Business Journal: CalPERS Backs Page Mill Plan
Dec 19, 2007, Palo Alto Weekly: Man Killed Hanging Christmas Lights Is Identified
Dec 15, 2007, Palo Alto Weekly: Man Dies While Hanging Christmas Lights
Dec 13, 2007, Palo Alto Weekly: Rent Increases Hit East Palo Alto Tenants Hard
Dec 11, 2007, Palo Alto Weekly: East Palo Alto Tenants To Protest Rent Increases
Other Useful Articles: TOP
Jan 30, 2010, New York Times: All Those Little Stuyvesant Towns
Jan 25, 2010, New York Times: Fallout Is Wide In Failed Deal For Stuyvesant Town
Jan 25, 2010, New York Times: Huge Housing Complex In N.Y. Returned To Creditors
Jan 22, 2010, Sacramento Business Journal: CalPERS To Buy Real Estate This Year
Jan 16, 2010, Sacramento Bee: CalPERS Should Reveal The Laggards
Jan 15, 2010, Sacramento Bee: CalPERS Reveals Middlemen Paid $125 Million To Win Fund's Business
Jan 14, 2010, Sacramento Bee: Middlemen Earn Huge Fees From CalPERS
Jan 11, 2010, Los Angeles Times: CalPERS To Disclose Details About Intermediaries
Jan 8, 2010, Wall Street Journal: Tishman, Blackrock Default On Stuyvesant Town
Jan 7, 2010, Wall Street Journal: U.S. Now A Renters' Market
Jan 4, 2010, The Californian: Cities, Counties Brace For Pension Crises
Jan 1, 2010, The Atlantic: Capitalist Fools
Dec 30, 2009, New York Times: Memphis Accuses Wells Fargo Of Discriminating Against Blacks
Dec 30, 2009, San Diego Union-Tribune: CalPERS: Clean House
Dec 24, 2009, Property Wire: US Commercial Property Values Now At Lowest For Seven Years, Latest Figures Show
Dec 23, 2009, New York Times: Banks Bundled Bad Debt, Bet Against It And Won
Dec 22, 2009, The Times: Investor Collapse Puts 1,000 New York Homes At Risk
Dec 18, 2009, New York Magazine: The Biggest, Baddest Real-Estate Loan
Dec 18, 2009, Wall Street Journal: Discord Behind TARP Exits
Dec 11, 2009, Los Angeles Times: CalPERS, CalSTRS See Long-Term Credit Ratings Lowered
Dec 9, 2009, Los Angeles Times: CalPERS Axing Investment Managers Over Real Estate Losses
Dec 8, 2009, Bloomberg: CalPERS Real Estate Holdings Decline 30% During First Quarter
Dec 7, 2009, Crain's New York Business: 10% Of NYC's Low-Cost Housing Seen Deep In Debt
Dec 7, 2009, Bloomberg: No Escape From TARP For U.S. Banks Choking On Real Estate Loans
Dec 6, 2009, Sacramento Bee: Governor To Give CalPERS More Funds Than It Asked For
Dec 3, 2009, Fortune: Why Wells Fargo Hasn't Paid U.S. Back
Dec 2, 2009, New York Times: New Landlord Is Chosen For Troubled Bronx Buildings
Dec 1, 2009, San Francisco Magazine: War Of Values
Nov 30, 2009, PublicCEO: CalPERS' Piece Of Budget Woes Gaining Attention
Nov 30, 2009, Reuters: Wells Fargo Looks Pricey Given TARP, Mortgage Losses
Nov 25, 2009, Wall Street Journal: CalPERS Weighs Booting BlackRock
Nov 17, 2009, Los Angeles Times: CalPERS Board Votes To Tighten Disclosure Rules For Middlemen
Nov 10, 2009, The Registry: CalPERS Endures $4.2 Billion Quarterly Loss In Real Estate
Nov 9, 2009, Los Angeles Times: CalPERS' Image Takes A Hit
Nov 7, 2009, Los Angeles Times: CalPERS To Consider Requiring Placement Agents To Register As Lobbyists
Nov 5, 2009, BusinessWeek: Why This Real Estate Bust Is Different
Oct 24, 2009, Wall Street Journal: MacFarlane Resigns As Adviser To CalPERS
Oct 23, 2009, Reuters: Laying On Bets At America's Biggest Pension Fund
Oct 23, 2009, Wall Street Journal: After A Decade-Plus Together, CalPERS Reviews Apollo Ties
Oct 18, 2009, New York Times: The Banks Are Not All Right
Oct 16, 2009, Commercial Mortgage Alert: Lenders Gloomy As Credit Crunch Drags On
Oct 15, 2009, Sacramento Bee: CalPERS Could Lose $500 Million On N.Y. Real Estate Deal
Oct 15, 2009, Wall Street Journal: An Apartment Complex Teeters
Oct 15, 2009, Wall Street Journal: CalPERS Rocked By 'Pay to Play'
Oct 14, 2009, Washington Post: Bank Regulators: Real Estate Loans Biggest Concern
Oct 14, 2009, Washington Post: CalPERS Launches Probe Of Placement Agent Fees
Oct 11, 2009, Washington Post: Steep Losses Pose Crisis For Pensions
Oct 7, 2009, The Registry: Apartments Prove Anchor In The Storm
Oct 6, 2009, New York Times: Debt-Market Paralysis Deepens Credit Drought
Sep 17, 2009, BankImplode: Wells Fargo's Commercial Portfolio Is A Ticking Time Bomb
Sep 17, 2009, Huffington Post: Predatory Equity
Sep 9, 2009, New York Times: Buyers Of Huge Manhattan Complex Face Default Risk
Sep 3, 2009, Wall Street Journal: Wells Fargo's Tight Lips Drag On Shares
Sep 1, 2009, New York Times: For Commercial Real Estate, Hard Times Have Just Begun
Aug 31, 2009, San Francisco Chronicle: Commercial Mortgage Defaults In Bay Area Rising
Aug 19, 2009, Wall Street Journal: CalPERS Takes Another Property Hit
Jul 31, 2009, San Francisco Examiner: Lawsuit Alleges CitiApartments Drained Tenant Deposit Accounts
Jul 23, 2009, New York Times: California Pension Fund Hopes Riskier Bets Will Restore Its Health
Jul 22, 2009, Wall Street Journal: CalPERS Has Worst Year, Off 23.4%
Jul 14, 2009, San Jose Mercury News: Silicon Valley Apartment Rents Fall 3.8%; Biggest Decline In Nation
Jul 14, 2009, New York Times: Struggling Landlords Leaving Repairs Undone
Jul 1, 2009, Mother Jones: Flip This Project
Jun 2, 2009, Sacramento Bee: RIP For CalPERS' Bad Real Estate Deal?
May 19, 2009, Washington Post: Federal Reserve To Widen Commercial Real Estate Lending Program
Apr 19, 2009, Sacramento Bee: CalPERS, CalSTRS Award Big Bonues Despite Losses
Mar 26, 2009, Wall Street Journal: Commercial Property Faces Crisis
Mar 25, 2009, New York Times: Cities Deal With A Surge In Shanty Towns
Mar 5, 2009, New York Times: Big Landlord Found To Have Wrongly Raised Rents
Feb 1, 2009, New York Magazine: Clash Of The Utopias
Jan 28, 2009, Wall Street Journal: For San Francisco Landlord, Bell Tolls On A Heavy-Debt Plan
Jan 28, 2009, New York Times: Wells Fargo Posts Loss As Wachovia Takes Toll
Jan 21, 2009, San Francisco Chronicle: Bay Area Rental Market Gives Tenants An Edge
Jan 4, 2009, Sacramento Bee: CalPERS Took Huge Gamble At The Worst Time
Dec 24, 2008, Palo Alto Daily News: Homeless Service Exhausted
Dec 17, 2008, Real Estate Weekly: Affordable Housing: Private Equity Solution To Predatory Equity
Dec 17, 2008, Wall Street Journal: Risky, Ill-Timed Land Deals Hit CalPERS
Dec 16, 2008, New York Times: A List A Landlord Doesn't Want to Be On
Oct 4, 2008, Washington Post: After Change In Tax Law, Wells Fargo Swoops In
Oct 4, 2008, Wall Street Journal: Wachovia Chooses Wells Fargo, Spurns Citi
Oct 3, 2008, New York Times: Wells Fargo To Buy Wachovia
Oct 2, 2008, Crain's New York Business: 'Predatory Equity' Smothering Affordable Housing
Aug 26, 2008 New York Times: Fear Of Defaults After A Flurry Of Apartment House Sales
May 19, 2008, Los Angeles Times: Misjudging The Landscape
May 9, 2008, New York Times: Questions Of Rent Tactics By Private Equity
May 7, 2008, Wall Street Journal: Wachovia's Big-Loan Executive Is Leaving
Feb 29, 2008, Commercial Mortgage Alert: Soaring Debt Yields Luring Fund Operators
Jul 13, 2007, San Francisco Business Times: Lembis Pump $200M Into Growing Housing Empire
Aug 17, 2006, San Francisco Examiner: S.F. Sues Major Residential Rental Firm
Television Coverage: TOP
Dec 11, 2009, CBS 5: Some Blame Firm On East Palo Alto Crime Spike
Sep 8, 2009, ABC 7: Residents Upset Bank Shut Off Apartment Account
Apr 23, 2009, Cable Channel 27: Talking With Henrietta; Is Anyone Being Treated Unfairly?
Jul 26, 2008, Univision Noticias 14: East Palo Alto Rent Petition Drive Draws Hundreds of Page Mill Residents
Dec 13, 2007, CBS 5: East Palo Alto Tenants Angry Over Rent Hikes
Radio Coverage:
Dec 30, 2009, KLIV: East Palo Alto Could Be Settling Page Mill Properties Lawsuit
Dec 22, 2009, WNYC: Speculative Real Estate Deals Put Buildings At Risk
Nov 12, 2009, Marketplace: Investors In Apartments Are Squeezed
Oct 12, 2009, NPR: Some Tenants Pay The Price For Mortgage Excesses
Sep 8, 2009, KCBS: Tenants Concerned About Landlord's Finances
Sep 5, 2009, KLIV: Page Mill Properties Closes Offices
Other Coverage:
Page Mill Properties Watch
TOP Contact: EPA-TENANTS.ORG
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