First Republic Bank: Eviction Financer

First Republic Bank appears to be one of the leading issuers of displacement loans in the San Francisco Bay Area.   They financed many serial evictors in San Francisco who used the Ellis Act to evict long term tenants.  They have also been found in Oakland, providing financing to the worst of the displacement speculators.  Maps below.

Oakland and First Republic Bank

First Republic Bank leads in the East Bay by issuing thousands of displacement loans to speculators in Oakland neighborhoods hard hit by the recent mortgage crisis, which have been historically discriminated against by the banking industry through the racist practice of redlining. Read our report with the California Reinvestment Coalition!

Neill Sullivan

First Republic has enabled West Oakland speculator Neill Sullivan to continue to acquire, evict, flip, and raise rents in over 300 homes in and near West Oakland.  Many of Sullivan's properties are single family homes, which are not under rent control.   The bank has issued loans for more than the original purchase price of the homes on most of the properties, allowing Sullivan to leverage his holdings to continue to buy and evict. 

JDW / Wallway / JDW Enterprises

Justin Douglas Wallway has been using the Substantial Rehab rent control loophole to attempt to displace Oakland tenants.  Funded by First Republic Bank and enabled by the City government of Oakland, JDW has inspired his tenants to organize to stop him.  He has a history of evictions and home flipping, with partner Caleb Inman, serving at least 24 notices in a 5 year period and reselling a foreclosed home in 2009 for a 300% profit in 2 months.

Ellis Act Evictions Financed through First Republic Bank, San Francisco