By Susie Steimle : cbslocal – excerpt
SAN FRANCISCO (KPIX 5) — Tenants living in so-called affordable housing units are now in many cases paying more than their market-rate neighbors.
These affordable units are not tied to the traditional real estate market fluctuations and hopeful tenants like Christine McDow say they should be…
According to Apartment List rents in San Francisco are down 27% since the start of the pandemic. A one-bedroom used to average $3,500 a month; now it’s down to $1,983.
Below Market Rate (BMR) units haven’t seen rent drops; in fact, in Dave Osgood’s building, they’re seeing rent increases…
“The so-called below market and market-rate seem to be merging,” Osgood said.
There are 76 below-market-rate units at The Towers at Rincon Apartments, Osgood says all year he’s seen people move out as cheaper market-rate units become available.
“There may be as many as 20% of them empty,” Osgood said…(more)
Unbelievable until you look at the city codes that have been heavily crafted by developer friendly lawyers and there are more layers than most people are aware of until someone files a lawsuit and starts looking for excuses to support their side. With luck, some of these can be fixed as they are exposed.