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Old 04-16-2020, 11:32 AM
 
Location: Silicon Valley, CA
13,072 posts, read 7,913,685 times
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Quote:
Originally Posted by castaway83 View Post
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?
They have to live with family that has a dwelling, or they share a place with many other renters, and very often, they may live far away from their place of employment. Tough situation.
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Old 04-28-2020, 01:00 AM
 
5 posts, read 2,372 times
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no disrespect but never desired to live in the city I like visiting I like the open spaces of Marin /Sonoma County I did meet one kid selling weed to make it affordable LOL poor guy 3500 for a studio and that was in 2017 sorry im not into sf I agree there is good and bad things there but its a glimmer what it use to be in terms of affordability each to his own huh???for those looking to roll there make sure you have a really good job or big bank act or live with 20 people LOL in my opinion yes there's middle class folks but usually they room with others or commute or get some type of rent deduction for like managing apartments or maintenance or work for rent scenario
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Old 04-29-2020, 03:12 PM
 
63,257 posts, read 88,759,572 times
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Quote:
Originally Posted by Ruth4Truth View Post
There's always Hunter's Point.
Speaking of which, I came across this: https://diva.sfsu.edu/bundles/206166
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Old 04-30-2020, 11:40 PM
 
Location: Folsom
5,101 posts, read 8,334,994 times
Reputation: 3612
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.

.
That’s quite a rent difference

How does a landlord make a profit with rent control? Cuz some of the units have jacked up prices?
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Old 05-03-2020, 09:19 AM
 
Location: SF Bay Area
1,525 posts, read 2,605,625 times
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Quote:
Originally Posted by caligirlz View Post
That’s quite a rent difference

How does a landlord make a profit with rent control? Cuz some of the units have jacked up prices?
In SF we can only raise rent based upon calculations from the rent board, except when there is a vacancy, then we can raise it to current rent levels (or whatever).

How to make a profit? Having no mortgage. The past 2 years are the only times that I haven't had a profit. Absolutely none (but not surprising or unexpected). There were circumstances that are one time or infrequent....mandatory building earthquake retrofit, new roof, and painted the exterior of the building. I have a reserve fund to cover those type expenses (which was nearly empty after all that work).

No profit = tax writeoff.
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Old 05-03-2020, 10:00 AM
 
Location: State of Transition
85,935 posts, read 79,124,938 times
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Quote:
Originally Posted by twins4lynn View Post
In SF we can only raise rent based upon calculations from the rent board, except when there is a vacancy, then we can raise it to current rent levels (or whatever).

How to make a profit? Having no mortgage. The past 2 years are the only times that I haven't had a profit. Absolutely none (but not surprising or unexpected). There were circumstances that are one time or infrequent....mandatory building earthquake retrofit, new roof, and painted the exterior of the building. I have a reserve fund to cover those type expenses (which was nearly empty after all that work).

No profit = tax writeoff.
This is so interesting, insightful, and impressive that you're able to make it work. Thank you for sharing!
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Old 05-04-2020, 08:40 PM
 
99 posts, read 206,608 times
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Prop 13 pretty much ensures that you will not be driven out of your home through escalating property taxes. A lot of folks inherited paid off homes their parents bought in the 1950's and 1960's for a song and are doing just fine with typical middle class incomes.
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Old 05-05-2020, 03:41 PM
 
13,091 posts, read 21,736,715 times
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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.
So the residents stay there through retrofits?

I’ve always wondered. I go past larger apartment buildings that appear to be empty before they do a full makeover, including interior. I can’t imagine how they do it.


But yes, OP. Still plenty of people who are making it on middle class or lower wages.
__________________
Solly says — Be nice!
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Old 05-05-2020, 04:39 PM
 
1,584 posts, read 2,836,752 times
Reputation: 1303
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.
Knowing what you know now would you prefer to rent luxury units to wealthy residents who aspire to own their own condo or house? You seem to be describing why most new construction are luxury units
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Old 05-06-2020, 09:23 AM
 
Location: SF Bay Area
1,525 posts, read 2,605,625 times
Reputation: 1943
Quote:
Originally Posted by Tallysmom View Post
So the residents stay there through retrofits?

I’ve always wondered. I go past larger apartment buildings that appear to be empty before they do a full makeover, including interior. I can’t imagine how they do it.


But yes, OP. Still plenty of people who are making it on middle class or lower wages.
Tenants remained in the building through the earthquake retrofit. The work is done in the basements securing the walls. No apartments were entered.

I extensively remodeled apartments when they become vacant and are empty. Not when a tenant is living there.
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