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n the Motor City, a peculiar phenomenon has unfolded. Thousands of foreign investors have bought into Detroit's rental properties through RealT, a Florida-based cryptocurrency real estate venture. The company's innovative approach to tokenization has made real estate accessible to anyone with $50 and a virtual wallet. However, this novel business model has come at a steep price for the city's tenants.

    Behind the scenes of RealT's online marketplace lies a complex web of ownership, where hundreds of investors hold tokens representing fractions of properties. This fragmented ownership structure has led to a lack of accountability and responsiveness from property managers. Tenants in Detroit have reported being left stranded with broken appliances, moldy walls, and overflowing toilets, while struggling to contact the management company.

    The situation is further complicated by RealT's use of nameless token holders, identified only by numbers and letters on a blockchain. This anonymity has made it difficult for tenants to determine who to pay rent to or seek repairs from. The company's lack of transparency has led some tenants to accuse RealT of being "slumlords."

    RealT's co-founders, Jean-Marc and Remy Jacobson, have shifted the blame onto former property managers, claiming they were swindled out of funds meant for repairs and tax bills. However, data suggests that RealT owes the city of Detroit over $2 million in unpaid taxes and 1,000 blight tickets. The company's properties are also at risk of foreclosure due to unpaid debt.

    In an effort to address these issues, RealT has started its own property management company, New Detroit PM LLC. However, this new entity has allegedly failed to notify some tenants, leaving them unsure who to pay rent to. Red eviction notices were sent to residents in mid-January, warning them of potential ejection if they fail to pay rent.

    RealT's spokesman, Glenn Oswald, maintains that the company is committed to resolving issues and working with tenants. He claims that New Detroit PM has an advanced online portal for managing tenant contact information, maintenance requests, and payments. However, some tenants remain skeptical about the company's intentions and the effectiveness of its new management structure.

    As the situation in Detroit continues to unfold, it remains to be seen whether RealT can turn things around and provide a better experience for its tenants. For now, the city's renters are left feeling trapped and uncertain about their living situations.