January 2015
West Oakland Councilmember Involved in Another Questionable Real Estate Deal
Public records show that Lynette Gibson McElhaney loaned money to her sister in an apparent house-flipping scheme in Oakland that also involved her nonprofit's business partner.
The apparent house-flip was at least the second questionable deal involving the West Oakland councilmember and her sister. Last month, the Express reported that Gibson Nobles had invested in a house-flipping transaction alongside Gibson McElhaney's nonprofit. That deal also involved financing arranged through Pacific Private Money by Nakatoma Acquisitions and its principal, Richard Reese. Gibson McElhaney's involvement in house-flipping deals in Oakland runs counter to speeches she has made about the dangers of real-estate speculation and gentrification in the city (see "West Oakland Councilmember Involved in House-Flipping Scheme," 12/17/14).
http://www.eastbayexpress.com/oakland/west-oakland-councilmember-involved-in-another-questionable-real-estate-deal/Content?oid=4172174
