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Resource ID: #16906
Subject: Housing
Source: Wall Street Journal (New York)
Affiliation: 
Date: 20-Oct

Description

"Junior Leaguers Join Nuns In Effort to Thwart Silicon Valley Landlord." Skyrocketing housing prices and gentrification are reaching into East Palo Alto, once a no-man's land down in Silicon Valley. "Carriage Manor," Benyam Mulugeta, a self-made real estate broker who emigrated from Ethiopia in 1972, owns a grungy apartment complex that houses close to 50 Latin immigrant families. Mulugeta is asking market value -- $5 million -- for the place but the most Sister Trinitas and the Daughters of Charity can muster is about half that amount. Even the Junior Leaguers can't tap into wealthy benefactors who say the housing issue is a "government problem." Mulugeta says he's about to finalize a deal with a local developer for his asking price who says that he was "once in their shoes."

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