Detroit sues crypto-based real estate company over blight violations
The city of Detroit has filed what officials call its largest nuisance abatement lawsuit ever. The target: a Florida-based company that uses cryptocurrency and blockchain technology to sell shares of Detroit rental properties to investors.
City officials say RealToken LLC and various subsidiaries have acquired hundreds of Detroit properties that way since 2019. But they say none of them has a required certificate of compliance, and most are in an appalling state of disrepair.
Detroit City Council member James Tate said he was “curious” when he first heard about Real Token properties — but by the time he saw some and spoke to tenants, that had changed to “furious.”
“Sewage leaking in the…
