EPA-TENANTS.ORG
PROTECTING EAST PALO ALTO TENANTS AND FAMILIES
PROTECTING EAST PALO ALTO TENANTS AND FAMILIES
Passed Resolutions:
Dec 16, 2008: The East Palo Alto City Council passed the following resolution condemning Page Mill's business practices and calling on CalPERS to reevaluate its investment in Page Mill Properties.
Dec 16, 2008: The East Palo Alto City Council passed the following resolution condemning Page Mill's business practices and calling on CalPERS to reevaluate its investment in Page Mill Properties.
Resolutions Censuring Page Mill Properties
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A Resolution of the City Council of East Palo Alto calling on CalPERS and county, state and federal authorities to exercise their political, economic, an ethical influence to help our community stop Page Mill Properties predatory real estate practices which result in pain and hardship to our residents
WHEREAS, the City of East Palo Alto since its incorporation in 1983 has actively sought to preserve affordable rental housing in order to protect seniors on fixed income and families and individuals of low and moderate income from displacement, and
WHEREAS, the voters of East Palo Alto since 1984 have put in place a Rent Stabilization and Just Cause Eviction law to govern tenant-landlord relations, allow a fair return on investments, and protect tenants from landlords who may abuse their power, and
WHEREAS, in recent years the practice of predatory real estate investments in rental housing has intensified in low income communities such as East Palo Alto, where Page Mill Properties LLC and its related entities have acquired over 1700 units since 2006 and have engaged in aggressive tactics of harassment against tenants, resulting in the displacement of hundreds of people, and
WHEREAS, the California Public Employees’ Retirement System (CalPERS) is a limited partner in Page Mill Properties II, LP, an opportunistic real estate fund established in July 2006, for the purpose of acquiring “underutilized” real estate assets in East Palo Alto, and where opportunistic funds are defined as those funds that generate an annual return on investment greater than 13% - CalPERS having made an initial investment of $69.9 million, and
WHEREAS, the stated policy of CalPERS California Urban Real Estate investment program implicitly recognizes the value of promoting affordable housing, and in April 2006 CalPERS became a signatory to the United Nations Principles for Responsible Investment (UN PRI),
NOW THEREFORE BE IT RESOLVED that the City Council of East Palo Alto strongly protests the fact that CalPERS has invested public employee pension dollars in predatory landlord practices that have resulted in the displacement of hundred of residents, have reduced the affordable rental housing stock in our community, and have negatively impacted the City’s budget as a result of Page Mill’s frontal attacks on tenants and City government, and be it
FURTHER RESOLVED that the City Council of East Palo Alto calls on CalPERS as well as County, State and Federal authorities to exercise their political, economic, and ethical influence to help us stop Page Mill Properties from displacing residents and inflicting pain and hardship on our community.
WHEREAS, the City of East Palo Alto since its incorporation in 1983 has actively sought to preserve affordable rental housing in order to protect seniors on fixed income and families and individuals of low and moderate income from displacement, and
WHEREAS, the voters of East Palo Alto since 1984 have put in place a Rent Stabilization and Just Cause Eviction law to govern tenant-landlord relations, allow a fair return on investments, and protect tenants from landlords who may abuse their power, and
WHEREAS, in recent years the practice of predatory real estate investments in rental housing has intensified in low income communities such as East Palo Alto, where Page Mill Properties LLC and its related entities have acquired over 1700 units since 2006 and have engaged in aggressive tactics of harassment against tenants, resulting in the displacement of hundreds of people, and
WHEREAS, the California Public Employees’ Retirement System (CalPERS) is a limited partner in Page Mill Properties II, LP, an opportunistic real estate fund established in July 2006, for the purpose of acquiring “underutilized” real estate assets in East Palo Alto, and where opportunistic funds are defined as those funds that generate an annual return on investment greater than 13% - CalPERS having made an initial investment of $69.9 million, and
WHEREAS, the stated policy of CalPERS California Urban Real Estate investment program implicitly recognizes the value of promoting affordable housing, and in April 2006 CalPERS became a signatory to the United Nations Principles for Responsible Investment (UN PRI),
NOW THEREFORE BE IT RESOLVED that the City Council of East Palo Alto strongly protests the fact that CalPERS has invested public employee pension dollars in predatory landlord practices that have resulted in the displacement of hundred of residents, have reduced the affordable rental housing stock in our community, and have negatively impacted the City’s budget as a result of Page Mill’s frontal attacks on tenants and City government, and be it
FURTHER RESOLVED that the City Council of East Palo Alto calls on CalPERS as well as County, State and Federal authorities to exercise their political, economic, and ethical influence to help us stop Page Mill Properties from displacing residents and inflicting pain and hardship on our community.
Dec 14, 2008: The Executive Board of SEIU Local 521, which represents more than 25,000 public employees that participate in CalPERS, including members that live in Page Mill rental units, passed the following resolution calling on Page Mill Properties to adhere to the EPA Rent Stabilization Ordinance and calling on CalPERS to exercise its influence as an investor to this end.
WHEREAS, Page Mill Properties and its related entities have acquired more than 1700 units of residential rental property in East Palo Alto since 2006; and
WHEREAS, since acquiring these residential units they have imposed rent increases on tenants in excess of the annual allowable increase under section 11 of the city’s Rent Stabilization ordinance; and
WHEREAS, Page Mill Properties has pursued and continues to pursue eviction proceedings against tenants who are unable or who refuse to pay the excessive rent increases; and
WHEREAS, law-abiding tenants are being displaced from their homes due to excessive rent increases; and
WHEREAS, CalPERS, the pension fund for California public employees, is a limited partner in the Page Mills Properties investment in East Palo Alto; and
WHEREAS CalPERS has invested $100 million in this partnership; and
WHEREAS, SEIU L521 members are participants in CalPERS; and
WHEREAS, CalPERS, as is stated in its Core Values, holds itself to a high standard of integrity and “in all endeavors” strives to “act in an ethical, honest, and professional manner”; and
WHEREAS, CalPERS’ partner Page Mills Properties is engaged in conduct in East Palo Alto that threatens to adversely affect tenants, including SEIU L521 members participating in CalPERS; and
RESOLVED, that the Executive Board of SEIU L521 calls on Page Mill Properties, its related entities, and CEO David Taran to rescind rent increases above 3.2%, to refrain from eviction proceedings against tenants who refuse to pay the disputed increases, and to publicly disclose the details of its plans for its acquired properties in EPA; and, be it
FURTHER RESOLVED, that the SEIU L521 Executive Board expresses concern that CalPERS has invested the retirement funds of L521 members in a real estate investment that threatens to displace East Palo Alto residents including SEIU L521 members; and, be it
FURTHER RESOLVED, that the SEIU L521 Executive Board calls on CalPERS to take an active role to ensure that Page Mill Properties rescinds rent increases in excess of 3.2%, ceases evictions of tenants who refuse to pay the disputed increases, and publicly discloses plans for its acquired properties in EPA.
WHEREAS, since acquiring these residential units they have imposed rent increases on tenants in excess of the annual allowable increase under section 11 of the city’s Rent Stabilization ordinance; and
WHEREAS, Page Mill Properties has pursued and continues to pursue eviction proceedings against tenants who are unable or who refuse to pay the excessive rent increases; and
WHEREAS, law-abiding tenants are being displaced from their homes due to excessive rent increases; and
WHEREAS, CalPERS, the pension fund for California public employees, is a limited partner in the Page Mills Properties investment in East Palo Alto; and
WHEREAS CalPERS has invested $100 million in this partnership; and
WHEREAS, SEIU L521 members are participants in CalPERS; and
WHEREAS, CalPERS, as is stated in its Core Values, holds itself to a high standard of integrity and “in all endeavors” strives to “act in an ethical, honest, and professional manner”; and
WHEREAS, CalPERS’ partner Page Mills Properties is engaged in conduct in East Palo Alto that threatens to adversely affect tenants, including SEIU L521 members participating in CalPERS; and
RESOLVED, that the Executive Board of SEIU L521 calls on Page Mill Properties, its related entities, and CEO David Taran to rescind rent increases above 3.2%, to refrain from eviction proceedings against tenants who refuse to pay the disputed increases, and to publicly disclose the details of its plans for its acquired properties in EPA; and, be it
FURTHER RESOLVED, that the SEIU L521 Executive Board expresses concern that CalPERS has invested the retirement funds of L521 members in a real estate investment that threatens to displace East Palo Alto residents including SEIU L521 members; and, be it
FURTHER RESOLVED, that the SEIU L521 Executive Board calls on CalPERS to take an active role to ensure that Page Mill Properties rescinds rent increases in excess of 3.2%, ceases evictions of tenants who refuse to pay the disputed increases, and publicly discloses plans for its acquired properties in EPA.
