the skunks of los feliz
2.14.2006
BeyondChron, a SF (San Francisco, not sci-fi) paper, has posted a piece that may send a shiver down the spines of apartment-dwelling Angelenos. Seems that real estate speculators in the Bay Area have pioneered a method to evict renters from small (generally 4 unit) apartment buildings, so that they may go condo. Basically, the landlord declares his intention to leave the business, tenants are evicted, and the building is converted to a Tenancy in Common.
These so-called Ellis Act evictions (click here for an explanation of the law) have swept and saturated the Bay's rental market, and now the muscle behind this movement have turned their avaricious gaze towards LA.
Whether the method will catch on here remains to be seen. As the piece points out, there are many differences in the SF and LA housing markets. Still, renters should probably keep one eye cocked northward, scanning the horizon for the coming of the Northern hordes.
These so-called Ellis Act evictions (click here for an explanation of the law) have swept and saturated the Bay's rental market, and now the muscle behind this movement have turned their avaricious gaze towards LA.
Whether the method will catch on here remains to be seen. As the piece points out, there are many differences in the SF and LA housing markets. Still, renters should probably keep one eye cocked northward, scanning the horizon for the coming of the Northern hordes.
Comments:
San Francisco's real estate market is entirely unique and cannot be compared in any manner to Los Angeles. S.F.city law limits condominium conversions to 200 units a year. This has led to the situation where, say, four strangers get together to buy a 4 unit apartment house, with each one taking their own unit. Only in SF.
# posted by 
: 10:09 PM
: 10:09 PM
Right, SF is indeed unique. However, many neighborhoods in L.A. do have a healthy stock of 4-unit buildings (Los Feliz for example, along Vermont). As more buildings go condo, it's not outside the realm of possibility that it could happen here. After all, capital is smart, and gravitates towards opportunity. Those SF sharks wouldn't be circling if they didn't smell money. It may be unlikely, as you say, but it will be interesting to see if it catches on here.
Our buildings on the 1900's blocks of Edgemont and Kenmore at Franklin have just been purchased. The new owners quickly notified all the tenants of their intention to convert all the units into condos. So yes. It is happening here.
Post a Comment
# posted by : 8:31 PM
: 8:31 PM
