Posted on 06/27/2019 11:46:49 AM PDT by rintintin
There’s already an affordable housing shortage in California. This will just make it worse as investors won’t want to build new units they can’t set the price on. Or worse, they use the cheapest material they can get their hands on to cut cost and put up shoddy housing. No one wins here.
No, because they’ll make condo conversion illegal, or at least very difficult.
It’s a sucker’s game to think that once you have a regime which is willing to impose draconian economic regulations you can just get around them cleverly exploit the loopholes.
The history of rent control in San Francisco, to pick one example, has been forty years of rental property owners trying to figure out some escape from the regulations in order to maintain some semblance of private property rights, and the city closing down the escape routes, one by one.
Specifically in regard to condo conversions, decades ago San Francisco limited the right to convert to a couple hundred units per year, awarded by lottery.
Rent controls worked great in Venezuela.
Bump
Not with me, my good FRiend.
It will only send more cali expats to my fair "red" state.
How about forming Sanctuary Rent Control Counties and Cities?
Nutty Nancy’s rental units would be exempt?
Then we will see many THOUSANDS of homeless in California, living in tent cities and downtown street corners....
Soon more people in CA will be homeless than not!
Two days ago. my neighbor told me that his brother is having a huge problem with rent control in San Francisco. Brother’s wife inherited a home from her mother after death. They want to refurbish the two flats within, but a tenant refuses to move. They offered tenant $40,000 to move out but tenant says she will not accept any offer. They can’t raise the rent, can’t evict her. Worse, in SF if a tenant is over 62 then she has right to live there while alive, and can pass on privilege to children.
Insane situation for homeowners in SF that rent out to tenants.
That should instantly kill any new multiple family dwelling construction.
Nice work Lefties.
Things will immediately get far worse.
Post #10 you nailed it
I hope they pass it; I can hardly wait to see all the apartment complexes and condos crumble into 17th century slums.
You will also see almost all single family/duplex units put up for sale. Even if the owner has to take a loss they will because when there is rent control you also get the problem of tightening of rules/laws for eviction.
California has some of the most tenant friendly eviction laws in the country.
For example; the tenant can fail to pay rent and receive a 30 day notice to pay or quit, but if they don’t pay then the landlord has to file an unlawful detainer suit. That usually give the tenant another 60-120 days before the court hearing is scheduled. The tenant can then file bankruptcy which then require the landlord to go to court and get an order that relieves their property from the bankruptcy procedure, (another 30-60 day delay). Frequently, a tenant with a lawyer will ask for continuances or challenge the process service requiring another delay.
Once all these delays are over the landlord then has to wait for the Sheriff to schedule the actual eviction before they get their property back. So, there could be around 6-12 months to evict a tenant.
All this time the tenant will deny the landlord access to the unit for repairs and upkeep, (which frequently becomes an allegation of habitability for the eviction case in court).
I have seen units where the tenant stripped all the gypsum boards from the walls, removed all the pipes and electrical wiring, removed the heating/AC unit and water heater, even all the sinks and toilets from a unit before the final eviction.
Landlords will not be able to survive with rent control on top of the problems that they already have to deal with. There is no profit in it for them and the property value will drop substantially.
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