They may not be able to buy in San Francisco with that amount, but a local family has reportedly been paid $475,000 to vacate a luxury, rent-controlled apartment they had lived in for 30+ years.
That sum sets a new record for the city with notoriously strong tenant protections and rent control ordinances.
According to the L.A. Times, the couple had been paying $12,500 a month for a seven-bedroom, eight-bathroom double unit on the top floor of the building in the Presidio Heights neighborhood. While the couple has asked to remain anonymous, their attorney told the newspaper that, in theory, the building’s landlord can now rent the unit out for $25,000 a month, recouping the buyout sum in three years.
In San Francisco, the maximum amount tenants in one unit can receive to relocate is $22,000, with an extra $5,000 for households with minor children or seniors 60 and up, according to the L.A. Times. However, the landlord and renters in this particular case reached a voluntary agreement.
Currently in San Francisco, landlords can annually raise rent on some properties by less than 1 percent.
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