Belmont residents lose lawsuit over new manufactured housing owner’s rent increases
A New Hampshire judge dismissed a lawsuit by Belmont residents who accused a property investor of fraudulent rent promises.Summary
A New Hampshire judge, Mark Attorri, has dismissed a lawsuit with prejudice brought by residents of Great Brook Village in Belmont. The residents had accused Bradley Pereira, manager of Oakshire Capital, of "fraudulent inducement" by allegedly making verbal and written promises that rent increases would remain stable to discourage them from attempting to purchase the community themselves.
Judge Attorri ruled that the defendant's representations were not materially false, noting that the plaintiffs were aware that Pereira viewed the park as an investment opportunity. Consequently, the court found that increasing rents after the purchase did not constitute fraud.
The ruling comes amid a broader trend where investment companies purchase manufactured housing parks, leading to significant rent hikes for residents who own their homes but rent the land beneath them. Similar disputes are currently unfolding in Hopkinton involving another investment company, Sado Parks.
(Source：Laconiadailysun)