How to fix a problem with a real estate deal
- by admin
A real estate developer who bought an apartment in the same complex in San Francisco has been fined $3.5 million by the city.
The City Attorney’s Office for the City of San Francisco fined Daniel O’Leary for a violation of the Fair Housing Act.
O’Leary bought the duplex for $3,200 per month.
He paid $4,100 for the apartment.
His apartment went on the market for $5,000 less than it sold for.
The city claimed that O’Brien had failed to disclose the fact that he was purchasing an apartment he owned.
Overnight, the city decided to take legal action.
The building had to be razed.
The new owners, O’Connor Homes, will have to pay the fine.OLeary said that he has paid $2,500 for his apartment and will not contest the city’s ruling.
O’ Learys attorney, Eric Miller, said that the settlement is a “fair, reasonable and equitable way to ensure that the city takes a responsible approach in the future to allocating housing for all residents.”
O’Lairys attorney said that a lot of people would be happy with the outcome of the case.
The apartment, which he purchased for $2.5k, was on the auction block.
Miller said that they plan to appeal.
He said that OLeary is a good guy and he had no intention of discriminating against anyone.
A real estate developer who bought an apartment in the same complex in San Francisco has been fined $3.5 million…