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re: San Francisco is officially the most expensive rental market in the country
Posted on 3/5/15 at 6:40 pm to Big Scrub TX
Posted on 3/5/15 at 6:40 pm to Big Scrub TX
I believe rent control applies only to multi-unit buildings of 4 or more units built before 1979.
Single family homes excluded.
And if you want to turn your apartment rental building into a condo, you have to go through an Ellis Act eviction. It will cost you upwards of tens of thousands PER TENANT to evict.
I have friends that have lived in buildings that tried to convert. They were offered upwards of $50,000 to move out. Some just simply state, "nope." And if tenants are over 65, you cannot evict them. At all.
No thank you to being a landlord in SF.
Single family homes excluded.
And if you want to turn your apartment rental building into a condo, you have to go through an Ellis Act eviction. It will cost you upwards of tens of thousands PER TENANT to evict.
I have friends that have lived in buildings that tried to convert. They were offered upwards of $50,000 to move out. Some just simply state, "nope." And if tenants are over 65, you cannot evict them. At all.
No thank you to being a landlord in SF.
1
Posted on 3/5/15 at 6:51 pm to SanFranTiger
quote:
I believe rent control applies only to multi-unit buildings of 4 or more units built before 1979.
Single family homes excluded.
And if you want to turn your apartment rental building into a condo, you have to go through an Ellis Act eviction. It will cost you upwards of tens of thousands PER TENANT to evict.
I have friends that have lived in buildings that tried to convert. They were offered upwards of $50,000 to move out. Some just simply state, "nope." And if tenants are over 65, you cannot evict them. At all.
No thank you to being a landlord in SF.
Landlords in SF probably do quite well as long as they didn't buy their properties in the past few years. While most owners of rent-controlled units may be missing out on the market rate, they're likely still exceeding their expenses by a good margin. And due to proposition 13, it's not as if property taxes can spiral out of control. After the next big earthquake or tech bust, rents will become more reasonable once again.
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