by Carlos Levexier
Members of the King Garvey Co-op are in the enviable position of having purchased 211 units of housing for an average of less than $27,000 each in 1978. The incredible appreciation in real estate values has sent the value of their real estate upwards of $100,000,000 dollars, arguably more than $500,000 per family, on average, at the point of mortgage payoff in 2019.
Ms. Hideko Peters is probably the only Japanese-American shareholder at King Garvey Co-op. However, she is the one who is daring to take a bold though simple step: Ms. Hideko is staging a quiet protest against the “corporatocracy” that is intimidating the shareholders into moving out of the property that they have been paying off for over 30 years and handing their keys over to management agents representing the interests of private developers and their partners in government.
Ms. Hideko, a soft spoken elderly woman, received a demand letter from a relocation company insisting that all shareholders sign a memorandum of understanding which states they give their consent to be evicted if they do not move out of their unit when given the command. This brave woman has invited those who are resisting the termination of their mortgage and the threat of relocation to meet at her house when the relocation company representative is scheduled to visit her at 11 a.m. on Friday, June 11, to discuss this memorandum of understanding as a group.
Ms. Hideko and the shareholders against termination and relocation are correct. The shareholders must use unity and intelligence to protect their assets from entities who would steal them.
Carlos Levexier is the former president of the board of King Garvey Co-op. He can be reached at email@example.com.