The $475,000 buyout is considered to be the largest in city history and reflects the high value of the apartment.
A wealthy San Francisco couple notched a record $475,000 buyout to vacate their luxury apartment of three decades, an indication of what some landlords are willing to pay for tenants to give up their homes in a city with strict rent control and soaring market rents.
San Francisco has among the strongest tenant protections in the country, a fact that encourages tenants to hang on to apartments as market prices go up. While California recently adopted rent control and other tenant protections, San Francisco approved its rent control ordinance in 1979 as a way to alleviate the city’s housing crisis.That means landlords can raise rent on some properties only a certain amount each year; the current increase is less than 1%.
“Landlord attorneys think it’s an outrage, and on the tenant side, everybody’s excited; they think it’s great,” he said. But MacDonald thinks the landlord is the winner, because he will be able to rent the apartment for $25,000 a month and recoup the buyout in just more than three years.
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