$50,000 Offer to Leave the City

Lowell senior Natalia Arguello-Inglis speaks to crowd at Mission High.

Lowell senior Natalia Arguello-Inglis speaks to crowd at Mission High.

 

SFGate writes about buyouts and the $50,000 offer the Reyes family has to leave their apartment in the Mission District.  No one knows how many families are quietly taking buyouts and leaving.

“It seems like a lot of money, it does, but when you think about it, when you think about your future, it doesn’t go as far as you think it does,” said Jacqueline Reyes, 19, who has lived in the studio with her parents all of her life.

The rent-controlled space costs the family $549 a month – a nearly impossible price to match in today’s scorching real estate market. READ MORE.

 

Filed under: Mobile, Today's Mission

8 Comments

  1. John

    50K sounds excessive to me, so this tenant did well considering she was just selling convenience and not an asset that she could in any sense be said to own.

    I only did one buyout. 5K to a guy to move within 30 days, which he accepted. He told me it was the most money he had ever had in his life.

    So everyone won, including the new tenants who moved in, because other methods of getting rid of tenants, like Ellis or OMI, take the unit off the rental market altogether. A buyout does not, usually.

    Win-win-win.

  2. Kaliman

    Fortunately – albeit slowly – the Ellis Act will be gutted to prevent unjust evictions by greedy landlords and speculators.

    • John

      Given that the Ellis Act is state law and only about three CA cities are affected, it’s highly unlikely Ellis will be “gutted”. It might be refined around the edges but there’s little interest in California for taking away the rights of a property owner to determine the fate of his property.

      While the cities themselves can do very little indeed about Ellis, else they already would have done.

      But you miss the point since there still aren’t many Ellis evictions compared with various other types of eviction. Your priorities are all wrong (not that I mind, but you should).

      Russo’s comment above also misses the point. The game has been rigged so that landlords crave a vacancy and tenants get white knuckles clinging with a vice-like grip to their rental unit. Nobody in their right mind would design laws that leads to those outcomes, and yet here we are. It should be the exact opposite i.e. landlords want stable tenants and tenants are always looking for a better deal, like in cities without rent control.

      Payoffs are a valid vehicle for resolving this dilemma. I suspect rent control will gradually go away as more tenants take the money and leave rather than risk the inevitability of departure being forced on them.

      In fact, a market-based solution to the mess that is rent control would simply involve a cash payment from the LL in return for a unit being permanently removed from rent control.

  3. poor.ass.millionaire

    I wouldn’t pay these 2 lazy bitches $50k for a studio, dat fur shore. You can tell that the mom is muy tonto just by her comments- “I am a citizen here. And this is the only home I’ve ever known in this country.” And with citizenship comes minimal responsibilities. So pull you head out of your ass, and look for an apartment in south city, Oakland, etc. Sorry, but she ain’t elderly or terminally ill. This helpless/poverty mentality is pathetic- Take some initiative FFS!

    And $50k for a studio is too much, plus probs another $20k to rehab, since it’s probably skank in there. Total $70k. If rent diff is about $1200-1500/month, that’s minimum 47 months till the poor LL recoups investment. You can thank Sup Crapos for that.

  4. Dotty

    Yeah it sucks they might be getting kicked out, but paying less than $600 a month for nearly 2 decades should’ve been more than enough time for these folks to have improved their living conditions and possibly even own a home by now.

  5. AnnaNg

    If you don’t want to be evicted – DON’T VOTE FOR DAVID CAMPOS.
    If you make it too onerous for small property owners to provided housing – they will simply just not rent out their apartments.

    Ask the Sups to make the tenant landlords rules more fair.
    This property owner has every right to take back his units when the supervisors take away nearly all his rights.
    REFORM RENT CONTROL OR REPEAL IT. It does not work for good landlords and good tenants!

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