12/3/15 Palo Alto Extortion
Toufic and Eva Jisser’s American dream is now a nightmare.
They emigrated to the U.S. over 40 years ago. In 1986, they borrowed money and spent their life savings to buy a mobile home park in Palo Alto, California.
They’Â€Â™re now retired. He’Â€Â™s 71. She’Â€Â™s in her late 60s. Their son, Joe, manages the business.
The property is nearly 90 years old. It needs expensive sewage and electrical improvements. The city hiked property taxes but has blocked the Jissers from increasing rent to offset these hefty expenses.
In 2012, after a decade of financial challenges, the Jissers filed paperwork to close their business. City bureaucrats fired back. The Jissers could do so but only if they pay their 96 tenants a staggering eight million dollars to spend as they please. Oh, by the way, this figure could go higher, city officials warned the Jissers.
[At least one resident believes he should receive at least $200,000 in compensation. In spite of the cityâ€™s financial preconditions for closing, residents have filed a lawsuit to prevent the Jissers from exiting the rental business.]
The city of Palo Altoâ€™s very restrictive development regulations have caused extreme housing shortages and mind-boggling costs. The median home value is nearly two and a-half million dollars [$2,482,900]. About 14 times the national median [$182,800].
[The contrast between the Buena Vista Mobile Home Park and the rest of the city is startling with multi-billion dollar companies including Facebook and Google only a few miles away.]
The Jissers operate the areaâ€™s cheapest rental property. City officials have ordered them to pay the eight million dollars or continue running the business.
The cityâ€™s actions are not only unconstitutional. Theyâ€™re immoral. But hey, this is progressive California. And government bureaucrats. Where insanity knows no bounds.
The Jissers are suing the city.