Jesse Powell, the founder and former CEO of cryptocurrency exchange Kraken, has filed a housing discrimination lawsuit against the co-op board of Susie’s Building, a Pacific Heights property that has long been a center of Democratic fundraising, The Real Deal has learned.
Powell, who stepped down from the top post at Kraken in 2023, filed the case on Wednesday, Feb. 5, saying that the board “schemed to discriminate” against him because of his political views. Powell, who donated $1 million to Donald Trump’s third presidential campaign, claimed that he was unfairly blocked from buying an apartment in the 12-unit property, located at 2500 Steiner Street.
“I brought this action not only because I’d like to live in the building, but to note that not everyone in San Francisco is as committed to diversity as they profess — especially if that diversity differs from their own world view,’’ Powell said in a statement sent to TRD.
Powell signed an agreement to buy a unit in the property last September. Had he moved in, he would have been an anomaly in a building informally named after Susie Tompkins Buell, a Democratic donor and the founder of clothing brands Esprit and North Face. A 2007 SFGate profile of the property described it as a nest for deep-pocketed donors, making it “one of the most lucrative addresses a Democrat can visit.”
In his complaint, Powell singled out Bruce Golden, a partner at investment firm Accel. Powell claims Golden was initially in favor of the sale, but changed his tune when he found out who the buyer was. Powell said that Golden “made it his personal mission to deny the sale.”
“Were this a normal real estate transaction, the sale would now be long finalized, and Mr. Powell would have already moved into his new apartment,” the complaint reads.
Powell said that the board never gave him a straight answer for rejecting his application. In his complaint, he mentioned an FBI raid of his Los Angeles house in 2023, which he claims has not led to any charges against him. The board supposedly raised issues with incorrect tax documents and “unresolvable” problems with his application. However, Powell disputed all the claims, saying that the building’s residents see the property “as merely the headquarters and private clubhouse of their political action committee, not a building intended and zoned for housing.”
Golden and the co-op board could not be reached for comment.
Correction: This story was edited to reflect that Jesse Powell stepped down as CEO at Kraken to become chairman in 2023.