Ridiculous Rent Increases Should Be Restricted
May 21st, 2007 posted by WillsMomWant to get a lot of negative press? Buy an apartment building. Jack up the rent 150%. And when everyone moves out, you don’t have to make notice or wait a year for permits and such, you can just go ahead and convert to a condo.
Residents of a Mission area low-rise apartment building are facing such a predicament. The building was recently sold and the new owners, a company, have increased the rent from $700 to $1900 without any advance warning to the residents.
A new law requires tenants a one-year notice when their apartments will be converted over to condominiums. However, there’s a loophole. Read the rest of this article »
