All posts tagged: Slumlord

Blockchain Slumlord Startup Implodes in Real Time

Blockchain Slumlord Startup Implodes in Real Time

Sign up to see the future, today Can’t-miss innovations from the bleeding edge of science and tech If you’re not a renter in Detroit, you might not have heard about RealT, a startup that allows crypto bros to buy up blockchain-based ownership shares of rental properties in downtrodden cities. The scheme works on a fractional ownership model, in which each property is split into “tokens” to be organized like cryptocurrency on the blockchain. Last year, stories of the deplorable conditions of these rentals began circulating courtesy of Outlier Media, which found that leaky roofs, black mold, and busted air conditioners were common conditions at RealT properties. Now, the chickens seem to be coming home to roost. According to new reporting by Outlier, the Florida-based RealT has stopped nearly all weekly payouts to token holders — the platform’s crypto investors — as its Michigan division, New Detroit, faces tax forfeiture of over 300 Detroit properties. That, it seems, is due to millions of dollars it owes the city in unpaid taxes, water fees, and over 1,000 …