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Correspondence #05
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12/06/2022 Regular
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Correspondence #05
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12/6/2022 12:07:36 PM
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12/1/2021
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Middleton, Samuel <br /> From: Nathaniel Greensides <mynci90@gmail.com> <br /> Sent: Friday, December 2, 2022 12:57 PM <br /> To: eComment; Hernandez, Johnathan <br /> Subject: Public Comment Item Number 5 <br /> I write in opposition to the item as it is yet another example of out of town "investors" extracting profit out of <br /> Santa Ana. I urge the council to question the intentions of the out of town investors who desire to subdivide the <br /> lot into four smaller lots and to advocate for increasing opportunity of local long time residents and tenants to <br /> become property owners should this subdivision proposal proceed. Unless the owner/agents of"1513 CIVIC <br /> CENTER, LLC" makes it clear that at least a portion of profit gained from the sale of each subdivided property <br /> will actually be re-invested into the community via some non-profit housing entity, I will never support the idea <br /> of prioritizing people over profit, especially in my community. <br /> I keep close tabs on the real estate in the ward where I live. I would normally be a proponent of subdivision of <br /> large properties so that"mom and pop" landlords desiring to offload properties and assets can have an easier <br /> time doing so and so that land for residential development may occur. However, this property as acquired by <br /> "1513 CIVIC CENTER, LLC" is not a local mom and pop landlord desiring to increase the supply of housing <br /> for sale in Santa Ana. This LLC is owned and operated by out of town investors who seemingly thought they'd <br /> be able to easily swoop in and extract profit from our city. The property was acquired in December of 2020 <br /> during the pandemic using god knows what financial arrangements at low interest rates and currently houses <br /> renters in at least two residential units on this large property. I imagine that the LLC acquired the property with <br /> the intention of profits from rent as well as building new units on said large property only to realize the <br /> protections and programs in place at the local level for the benefit of city residents after having bought the <br /> property might decrease their expected "returns on investment", especially now with rising interest rates. <br /> https:Hopencoiporates.com/companies/us_ca/202034510043 lists the agents and individuals responsible for <br /> management and communications for this LLC. The office address of this LLC is also the same address as <br /> "Alfa Lending" a mortgage lending company at 901 W 3rd St, Santa Ana, CA 92701 with its servicing agent <br /> existing in San Juan Capistrano. The individuals who operate this LLC are all licensed real estate agents who <br /> aim to profit from insider knowledge about the local housing markets with seemingly zero regard to the local <br /> residents, community, and economy. <br /> I caution and question the motives for the application to subdivide the huge lot into four lots. In my experience <br /> and analysis of this taking place in California and Santa Ana, it is usually due to some long time property owner <br /> prioritizing short term profit by selling four individual properties at higher prices than would otherwise be <br /> received by selling the larger parcel as a whole. The increase of the suburban model of living and development <br /> since the 1950s also supports this analysis. <br /> Sincerely, <br /> Nathaniel Greensides <br /> Ward 5 resident <br /> i <br />
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