Yah don’t buy in JCE neighborhoods. That’s why I stopped looking at Mountain View and San Jose after last year.
JCE??? Pardon my slowness today, had to take off work for another funeral… Man, this has been a rough year…
So the judgement is more than the home is worth…
Can’t believe a “brother” would do that (3x the penalty) to a defendant… Come on, Asians love RE!!! (I know, just kidding…)
JCE - just cause eviction
Aaah, thank you!!!
I think JCE is not too bad, provided your tenants are at the upper end of the income spectrum. For example, in SF I’d buy townhouses that young professionals would like to live, versus a Sunset SFH that caters to big Chinese families. Upward mobile people move more, by definition.
What jobs your renters hold also matter a lot. Lawyers: bad. Engineers: good.
My only engineer tenant deserted me and moved to the Midwest. Now I have none!!!
This landlord may be soon to bankrupt. 3.5M is only for 1 unit, that building has 5 units
How can a jury give more equity to the tenant than the unit is worth? Tenant rights are beyond ridiculous. …Why would anyone want to own multifamily in SF?
I guess punitive damages to teach a lesson? This person was just too arrogant and thought no one would fight back. It is not necessarily the multifamily aspect of it, but her strategy of going about this. If you are going to use the owner move-in strategy, you better do it then. Don’t you think the prior renter will be checking? If you can’t do it that way, then I suppose Ellis Acting is another way. Easy to do some Monday morning quarterbacking now but the other way is to simply see if you can buy out the tenant. Yes, may cost a pretty penny but certainly would have been way less than the judgement.
Ellis is only useful for single family. If you have a 20 units, what do you do after Ellis?
My buddy did the same thing and got wacked for $500k… $3.5m is 7 times more…How much is rent for the rest of these tenants lives…At most they should get market rent for five years. .Say $50k times 5.
$250k…Instead they got free rent for 70 years…Bullshit jury ruling.
In the old days, like last year, you could buy out a tenant for $20k…Now they are going to want $3.5m
Jury give them a little over $1M. But jury was not told that SF judge will triple the jury award. That’s why 3.5M.
There needs to be federal or state law to prohibit cities from abusing landlords.
Declaring permanent rent control unconstitutional is the only solution.
There need to be federal troops sent to SF city hall…A hotbed of communism. .A sanctuary city that has rejected the 4th amendment. .A city run for the homeless, illegals and deviants. .A city I have no desire to return too.
Friends don’t let friends buy Multifamily in Bay Area.
What? Yeah, that is why I am in my 80s and the last thing I need to worry about is money. Sheet, I bitch and moan everyday to my son about the freaking high taxes I pay every year due to no deductions or hardly any expenses. It is just rental money pouring in every month on the month. Yeah, don’t buy apartment buildings in the Bay Area…
The angry tenant hoards want to steal their apartments from their owners… Landlords are just another ballot away from confiscation… My grandfathers fortune was stolen by Berkeley communists in the 1970s
Rent control cut the value of his property by 50%
The jackals are at the gate… Beware of liberal demagoguery
Property rights is a non-partisan issue. I feel that private property right has a chance to survive and thrive if every citizen give it a little thought about property rights. Can property owners teach a lesson to some dumb politicians?
That’s funny you think it’s non-partisan. Did you miss the mayor of NYC say NYC would be better off without private land ownership?