$475,000 Tenant Buyout in SF
COUPLE LANDS $475,000 TENANT BUYOUT
In San Francisco, no-fault evictions are almost entirely illegal. When a landlord wants to get rid of a tenant to rerent the rent-controlled apartment to someone esle for more, or sell take over an apartment to split it or turn it into a TIC, a buyout is in order. Buyouts are reported to and recorded by the City. Most buyouts are in neighborhood of $50,000. But this apartment was different.
This apartment was a 7 bedroom apartment with sweeping views of the bay. And the couple have rented the place since the 90s. Nearly half a million dollars was paid to them to go away. It's not clear what the landlord wants to do with the buidling/apartment.
That all said, before you go nuts about how lucky these people were....
Imagine if they had bought something like this 30 years ago when they first started renting it. They would have netted millions and millions of dollars. It's no time to celebrate these people, but time to pity the opportunity they lost.