Even in the crazy world of San Francisco real estate, a $475,000 voluntary buyout offered to one couple to move out of their apartment has captured national attention. Max Darrow reports. (7-30-21)
Tenants Receive $475,000 Buyout to Move Out of San Francisco Apartment
Chinese investors? China is buying the world 🌎
That building is in a really good neighborhood. It had all people on long term rent control, so you have people paying $900 a month rent when the units would rent for $6,000 a month today. Those people are not ever going to leave, so what the owner did is sell it to someone who had big money to remodel the entire building probably with the intention of selling the units as condos. A condo in SF sells for around $1.5 million, with that view and newly remodeled. So they figure the rent control people will move out due to the construction noise and inconveniences construction causes. So they had one renter who would not get out and probably needed the unit to finish up remodeling, so they paid big money. In the long term, if they can get $1.5 million per unit, it's still a good deal for them.
That's why the next guys rent is going up. Collect now for the payout later.
Don’t worry that buyout will be passed onto the price for the new renters.
Shit I’d take that money and move out ASAP
It’s not your home. It doesn’t belong to you
Rent control is ruining US cities
Apartments suck. Buy a house
What an air headed reporter. She's not even that pretty to look at.
Poor people were in the line of fire with Fukushima nuclear holocaust fallout People breathed in hot particles of radioactive nuclear fallout and the nuclear accident continues. All that people talk about the importance of money. This is sad. 60 percent of our biodiversity is gone on the planet as people still obsess about money, materialism etc…Poor people that were told to leave.
He could have paid the homeless 20 buck a day to get rid of communist
Massive buyouts and settlements for properties that may very well loose value under the new normal.
In all of my 34 1/2 years as a landlord, I have never bought out a tenant and never will. Obviously, it used to be fairly easy to evict when necessary. These days with the moratorium in place and bad tenants taking advantage, we have been fortunate since I very diligently vet all applicants and only rent to qualified tenants who have charactor to pay their rent.
Making room for the next Hong kong
i still think the buyout was not enough the tenants should have gotten more
That's why I'm investing into cadena capital for rental
Sseeesshhh pay me to move out
It’s in Pac Heights. The houses out there cost 2 million for a condo and up to $50 million for homes. If they pay $475k to get them to leave and sell the unit as a condo they will make that back.
Lol imagine leaving without getting a buyout just because of noise.
SF is going in the direction of Detroit
Now all those greedy renters are never going to leave at the expense of owners
Bottom feeders leech
That’s because these people are paying low rent from rent control yet are making high 6 figure salaires. It’s completely unfair to lower I come people. I see a bunch of hate for the landlords but none for these affluent folks occupying a rent controlled apt
california stupidity never ceases to amaze!
Landlord is lying
Wow!
Give me half mill and im out too
Imagine 15 years ago rent in that building was still very much unaffordable. With needed renovation that building was from outside was beautiful.
Can you imagine leaving and then finding out you left without your 400k.
Wait until Cali becomes completely green with electric cars and no pollution things will sky rocket