Detroit Sues Crypto Landlord, 400 Homes in Violation
Allegations Against Real Token Detroit's legal action against Real Token reveals alleged widespread neglect of health and safety standards. The lawsuit paints a grim picture of negligence. The legal action targets over 400 properties managed by Real Token. It highlights grave tenant safety concerns, including hazardous living conditions. Reports cite structural damage, lack of heating, and unsafe utility setups. These issues are serious risks for tenants. A significant complication is Real Token's complex network of 165 LLCs. This web of entities obscures clear ownership. It diminishes tenants' ability to address grievances effectively. This creates barriers to accountability. Further, Real Token hasn't paid substantial property taxes. This reflects broader governance issues. With fines nearing $500,000 and unpaid taxes on multiple properties, Detroit's legal move is a significant challenge. It targets the cryptocurrency-linked real estate model. Impact on Detroit...