Petition Closed

Because the sale of these rent-controlled apartments could mean the displacement of 1,800 low-income families from East Palo Alto, CA and the end of rent control in our community.

Letter to
Wells Fargo Bank David Ash
Wells Fargo Bank Daniel Bartok
Wells Fargo Bank Gregory Young
and 2 others
Wells Fargo Bank Alfredo Pedroza
Wells Fargo Bank John Stumpf
I, the undersigned, urge Wells Fargo to not sell its East Palo Alto residential stock to Equity Residential, and to protect low income families from being displaced from our community.

As documented in www.equityresidentialwatch.info, Equity Residential has a history of alleged violations of housing laws and of disregarding the interests of its tenants. Equity Residential’s founder and chairman, Sam Zell, has been described by the New York Times as “a classic vulture investor” and is a well known opponent of rent control and tenant protection laws.

Last year in New Jersey a parking garage owned by Equity collapsed after Equity ignored the warnings of a licensed inspector. There is a pending lawsuit in federal court against Equity Residential for violations of the Fair Housing Act that occur in many of its properties throughout the United States. The zoning board of Berkeley, California, has criticized Equity’s housing development plan in Berkeley because of the lack of affordable housing integrated into the development. In 2004, a judge in Florida found that Equity was illegally charging its tenants thousands of dollars in termination fees. Equity is infamous for trying to repeal rent control and other laws to protect tenants.

I, the undersigned, join many others in making the following demands:

1. That Wells Fargo refrain from selling its Woodland Park Apartments portfolio to Equity Residential/Sam Zell;
2. That Wells Fargo immediately implement a process that engages public involvement in the vetting of potential buyers;
3. That Wells Fargo break up its Page Mill portfolio and transition this portfolio to multiple buyers to avoid another Page Mill fiasco; and
4. That Wells Fargo complete the registration process of rents and comply with all other requirements of local law while it (Wells Fargo) remains the owner of these residential units.