Over at the SF Appeal “Tenant Troubles” column, we’re seeing just how hot the housing market is in the Mission. A tenant tells the Appeal that she was offered $40,000 to vacate her one-bedroom rent-controlled apartment:
I have lived in a 12 unit Victorian apartment building in the Mission District in SF for the last 22 years. I am 65 years old and live there alone. I pay just under $900 for a junior one bedroom apartment on the top floor.
The building was recently sold to a new owner. I have been contacted by the new owner just yesterday and offered a buyout of $40,000. I politely took his phone number and told him I would think about it and get back to him when I can.
My question is: Is this a good deal? Since the majority of the units in the building are going for “market rate,” he’s collecting at least $20,000 a month. So, should I ask him for $60,000?”
Click here to read the attorney’s response. Is it getting too expensive to live in the Mission? The Wall Street Journal has been documenting this phenomenon quite thoroughly.
Wow.