Condo owners in the sinking and leaning Millennium Tower in San Francisco are getting nervous about the equity of their homes.
Homeowners have been allowed to appeal the value of their homes to the condo board, and in the process they must write what they believe their property is worth at this point. According to documents obtained by the SF Examiner through a Freedom of Information Act request, 163 of the owners have appealed by deadline, and a number of them have valued their properties at $0, $1, and $2.
Before it was revealed the tower was sinking more than the builders had originall predicted, homes were valued between $563,000 and $12.6 million.
An accountant with Raimondo Pettit Group who is filing the appeal for a condo owned by Joe Montana told SF Examiner that "zero dollars might be a good number if the property can't be sold at any price."
Mayor Ed Lee has assured the public that the tower is still safe.