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Old 03-25-2020, 11:20 AM
 
Location: State of Transition
86,039 posts, read 79,200,521 times
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Quote:
Originally Posted by twins4lynn View Post
Yes. I own a rent controlled 6-unit apartment building in the mission/dolores park area. Four of the tenants are originals and have lived here for over 30 years (and are paying $1100/month in rent for 2-bedroom apartments). They are middle class/lower middle class. I have only had two vacancies in 30 years and those two occurred because the tenants died. One unit is paying about $2200 (he moved in 12 years ago) and the other current level rent (moved in 2 years ago).

This isn't unusual. I know other owners with similar buildings and friends who are renting apartments in rent-controlled buildings and have lived there for 30 years.

Edited to add - when I say middle class, that is what would be considered middle class in the bay area. People who are architects, building inspectors with the city, etc.
Thanks for this peek behind the scenes. Are you able to keep up with maintenance, in spite of the high percentage of low rents?

Do you have public servants among your tenants: teacher, transit driver, cop? Just curious.
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Old 03-26-2020, 10:05 AM
 
Location: SF Bay Area
1,526 posts, read 2,606,809 times
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Quote:
Originally Posted by Ruth4Truth View Post
Thanks for this peek behind the scenes. Are you able to keep up with maintenance, in spite of the high percentage of low rents?

Do you have public servants among your tenants: teacher, transit driver, cop? Just curious.
No problem keeping up with maintenance and upkeep. Took a big financial hit with the earthquake retrofit a couple of years ago (160K) but knew it was coming and was able to prepare for it. The following year replaced the roof and painted the exterior of building. Hope this year is a little better (and tenants pay their rent on time). Repairs are always done in a timely manner.

I've only had two vacancies in almost 30 years. No teachers or police officers have ever lived in the building. The old-time tenants have a variety of jobs.
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Old 03-26-2020, 12:41 PM
 
Location: State of Transition
86,039 posts, read 79,200,521 times
Reputation: 88349
Quote:
Originally Posted by twins4lynn View Post
No problem keeping up with maintenance and upkeep. Took a big financial hit with the earthquake retrofit a couple of years ago (160K) but knew it was coming and was able to prepare for it. The following year replaced the roof and painted the exterior of building. Hope this year is a little better (and tenants pay their rent on time). Repairs are always done in a timely manner.

I've only had two vacancies in almost 30 years. No teachers or police officers have ever lived in the building. The old-time tenants have a variety of jobs.
This is very impressive. So, what I used to hear from Berkeley LL's, about it being impossible to maintain a building under rent control, so some operated their buildings as bed-and-breakfast units (in the days before Air B & B), while others kept their buildings empty, isn't true, apparently. (But Berkeley has a more radical form of rent control. That may play a role.)
Good for you!
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Old 03-26-2020, 05:27 PM
 
Location: Bay Area
1,357 posts, read 850,313 times
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Quote:
Originally Posted by Ruth4Truth View Post
This is very impressive. So, what I used to hear from Berkeley LL's, about it being impossible to maintain a building under rent control, so some operated their buildings as bed-and-breakfast units (in the days before Air B & B), while others kept their buildings empty, isn't true, apparently. (But Berkeley has a more radical form of rent control. That may play a role.)
Good for you!

At think at one time Berkeley had a vacancy control aspect to it's rent control law. That has been long done away with........allowing the property owner to raise the rent to current market value, when a tenant moves out of a rent controlled unit
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Old 03-27-2020, 12:28 AM
 
Location: America's Expensive Toilet
1,400 posts, read 957,555 times
Reputation: 3034
Quote:
Originally Posted by twins4lynn View Post
Yes. I own a rent controlled 6-unit apartment building in the mission/dolores park area. Four of the tenants are originals and have lived here for over 30 years (and are paying $1100/month in rent for 2-bedroom apartments). They are middle class/lower middle class. I have only had two vacancies in 30 years and those two occurred because the tenants died. One unit is paying about $2200 (he moved in 12 years ago) and the other current level rent (moved in 2 years ago).

This isn't unusual. I know other owners with similar buildings and friends who are renting apartments in rent-controlled buildings and have lived there for 30 years.

Edited to add - when I say middle class, that is what would be considered middle class in the bay area. People who are architects, building inspectors with the city, etc.
And we wonder why we have a housing shortage. Newer residents get the short end of the stick.
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Old 03-27-2020, 09:33 AM
 
Location: State of Transition
86,039 posts, read 79,200,521 times
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Quote:
Originally Posted by likealady View Post
And we wonder why we have a housing shortage. Newer residents get the short end of the stick.
Well, it's better than having buildings stand empty, because the owner doesn't want the hassle of radical eviction-protection laws, and maintaining buildings on limited (rent-controlled) income. Talk about housing shortages; some LL's simply took entire buildings off the rental market before. Now they have an incentive to be in the game. It may not be an ideal solution, but the market conditions out there are far from ideal, too.
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Old 03-27-2020, 03:17 PM
 
Location: Pac Heights San Francisco
421 posts, read 183,462 times
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A city's middle class income range is calculated by multiplying the area's median income by two-thirds its amount and by double its amount. In San Francisco, where the median household income is $96,265, the middle income range is $64,177 to an eye-popping $192,530.

Yes, there is a large middle class of households in SF earning a figure that falls within this range of income.
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Old 03-27-2020, 11:05 PM
 
Location: San Francisco
18,047 posts, read 6,103,830 times
Reputation: 56211
My husband and I are middle class but fortunately we're not renters. We own a house that we bought in 1986 before prices went through the roof. It's 2 bedrooms and one bath, 1100 sq. ft., but it's in a nice neighborhood. We couldn't afford to buy it now as our income is modest by San Francisco standards.
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Old 04-03-2020, 11:08 AM
 
Location: Sierra Vista, AZ
16,496 posts, read 21,809,459 times
Reputation: 8695
Quote:
Originally Posted by Hopeful for Life View Post
I’m sorry if it’s a silly question. I havent been to the City in 7-8 years and remember that there was still a “working class”, but then noticed that some who were lucky enough to have parents nearby went to live with them. My friends lived in a 2BR makeshift apartment in the Haight for about $2,500/mo, which they said was a bargain. They have since left as well. Meanwhile, we keep reading about gentrification of the Mission District, one of the last working class enclaves in the City. So, are there any middle class folks left?
Prop 13 protects a generation of Chinese who bought their homes in the 1960s. They are cash poor and will live there until they die. Their Children have moved to the suburbs and will sell when their parents die.
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Old 04-16-2020, 11:25 AM
 
139 posts, read 115,420 times
Reputation: 33
I was wondering the same thing, my husband was offered a job in that area and one of the reasons he does not want to take it, is cost of living. We now live in SC in a 4 bedroom house, 3k sqft, a house like that in the bay area would costs millions, while it's only a few 100k here, so we would need to downsize, which would be fine. I'm just confused, there are cashiers ect that only make minimum wage, where do they live? How can they afford to live there?
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