Wow. slow death of rental market.
Ellis is an exit path for long-term owners and it cannot be banned. Fundamentally tenants being Ellis’ed is the result of owner exiting from the market and not wanting to take a big hit on the price, even though it appears that it’s due to the speculative investors. If they ban speculative investors, then the owners will have no choice but to Ellis tenants themselves. It’s done through the same lawyers anyway so there is no real difference. It’s stemming from the conflict of interest because landlord has been subsidizing for below-market tenants. As long as this fact is still there, the fight will always be there. Blaming it on speculation is completely misleading, but it makes good headlines and gets sympathy easily.
What is worrying is desire of government to step into an activity where it has no business to be in.
Thanks sucks. I had high hope for the amicus brief that was filed. Just remember that WOKE JERK DAVID CHIU (now city attorney) is behind this too. Nothing worse than WOKE Asians.
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That is what my comment meant: Is silicon valley (and SFBA) ready to accept change? Or is it preparing to drive businesses out of California.
Songs must be sung for the greatness of California towards the rights of homeowners and landlords!
I hope they really do take this to the supreme court, like the article suggests. The SC would be much friendlier than the Activist 9th Circuit.
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Wtf.
Why would you even be a landlord in Oakland?
If the government cares about the tenants, then let them pay this ransom with taxpayer money.
Yet here we are.
Even with the Oakland Rent Adjustment Program fee and business tax, we have to deal with this. The property taxes with all the charges/special assessments are higher in Oakland than all my other properties in Alameda county.
Oakland is always chronically mismanaged.
Do you increase your lease deposit by this ransom amount?
You’re funny man.
I inherited my tenants with $0 deposit and they are rent controlled. $1040 for 2 bed/1 bath + a garage with trash included anyone?
Learn from me and don’t do what I do!
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California headed to be like Detroit?
Cities like Cupertino have already begun Shedding middle class. I do not know if there are other cities undergoing this.