Venture capitalist Neil Mehta, co-founder of Green Oaks Capital, has been involved in a growing number of building purchases spanning several blocks of San Francisco's once-glam Fillmore Street, and on Monday he wrote an op-ed in the San Francisco Standard. He defended himself and said the move was just for purpose. About revitalizing “a city that has given me more than I can give back.”
The article aims to hit back at local politicians, including science fiction director Aaron Peskin. Mr. Peskin recently held a rally on a street lined with shops, telling onlookers and reporters that Mr. Mehta's hoardings would replace long-standing small businesses. (Peskin is also currently running for mayor.)
Mr. Mehta clearly underestimated the fallout from the purchase, but further claims that he was not looking to make a quick buck from his real estate holdings. They are being purchased through a real estate fund that he supports through a nonprofit organization to which he has (alone) donated $100 million. As such, Mehta wrote that he has “zero financial interest in these properties,” that he “receives nothing in return,” and that the proceeds are “reinvested back into the community.”