Thanks to Prop 13 there's a massive loophole SF property management companies have exploited where you can spend enough on post-1989 seismic retrofits to decontrol rents for your whole building
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Mosser has used this to flush out entire buildings in the Tenderloin this past year
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Essentially if you spent more on seismic retrofits than your artificially depressed property tax which is really easy to do it's considered a whole new building
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Seismic retrofits are actually really expensive. @zakfranet has run some numbers on applying them to existing affordable housing.
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Per unit or overall? How does that figure into monthly rental cashflow?
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I was -1 in 1989 but I was semi-involved with the 285 Turk effort for a while and had Prop 13 not existed the amount spent on retrofits ages ago would not have permitted Mosser to pass a 70% rent hike on tenants just because they felt like it.
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are they pulling from the affordable housing bond money to do this? Seismically retrofitting rather than building new units?
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