Wonder if Tarrone, for all his dough, faces the same pickle: can’t move into the building he bought.
Hard to feel sorry for the know-it-alls in San Fran.
It is happening in more places than just California. We will nt rent our extra home ever again.It will be sld and until then it will stay empty. I know other people who used to have some of the oder houess that were divided into 2 and 3 apartments years ago. A decade or so ago most started turning those back into single homes and then sold them.No one wanted to buy them divided because the laws are so in favor of the tenants.
This does sound like a backdoor way for the city to acquire as much of the private property as it can.
I feel for the property owner.
I owned a rental property in California. (Not San Francisco or Los Angeles) We had a tenant who had been OK for 10 years, always paid their rent on time, took care of the property. Then something happened in their household, a change for the worse. They quit paying the rent on time, starting bouncing rent checks, they caused damage to the property, and I got complaints from the tenant’s neighbors that the police were constantly at the property.
It took 6 months to get the tenant out of there. I needed to get an attorney for the eviction process, the tenant fought every step of the way. The law is set up to give every benefit of the doubt to the tenant.
It is terrible to be in that situation as a property owner. The property is being trashed, no income is coming in, the mortgage, insurance and taxes still need to be paid, and the law is giving every consideration to the tenant.
As soon as we the tenant was evicted, we made the necessary repairs and sold the property. Good riddance! I will never be a landlord again.
Massachusetts dumped rent control about ten years ago. Some of the worst abusers were well paid liberala living cheap on the backs of small property owners. The head of the local NPR TV lived in rent control while making a six figure salary. Thousands of liberals in Cambridge abused the law in the name of old poor people.
Many moons ago National Review published an article which included a graph of housing availability vs the existence or nonexistence of rent control. Cities with rent control have tighter housing markets than those that do not.It was pretty clear to me that the chart should have plotted housing market tightness (the exact measure the author used escapes me at this distance) vs time since the imposition of rent control - and that the graph should include negative "time since rent control" to show that the housing market was messed up by the mere mention of rent control by politicians.
The problem will only grow more acute as more people decide to rent rather than purchase. This will just get more perverse as landlords decide to demolish their property rather than rent it. Probably not in SF, but it has happened elsewhere.
Pacific Heights II, this time the greedy maniac is the local govt.
This would be hilarious if not for my PTSD symptoms.
Incidentally, what does a landlord pay in property taxes on an apartment bldg there?
Once again, my tagline proves the point.
They dont have fixed term leases? Once you move in (rent) you can stay until you die?