Further misinformation on condo conversion
The folks at BeyondChron need to do their homework. Sensational journalism only works when you have some bit of truth to what you’re writing.
Today’s rant includes a piece on so-called condo conversions of buildings that were BUILT as condos, and only rented by the developer for tax reasons or market climate. Not a single one of these developers had any intention of being long-term landlords. They did what any non-subsidized developer would do: they looked at the market and sold when the time was right. There’s nothing AT ALL wrong with that.
“Now, as the market for condos continues to heat up, property owners are increasingly putting those rental units up for sale. Owners of five large buildings in the South of Market, including 595 units at 250 King street and 102 units at 175 Bluxome, have already made the switch, leading to the loss of hundreds of rental units for San Francisco tenants.”
Repeat after me: Build more housing! Build more housing! Build more housing!
If these guys would spend 50% of their time thinking of ways to solve the problem instead of finding ways to clog up the system, think of how much brainpower would be put to better use!
The sad reality is that Daly and Gullicksen are hard at work right now to take away the rights of those who can best solve this city’s housing problem: the developers. Remember, unless we are paying their bills, we need to find a way for them to profit. It’s what makes this country great, right? Take away their ability to make money, and THEY WILL LEAVE. That will increase the pressure on the rental market, pushing more and more people into TICs, creating more and more evictions, and sending more and more people out of the city. And we’ll be left with nobody to build the housing that we so desperately need. At all levels, and all price points.
Seems pretty simple, doesn’t it? Shouldn’t more people be looking for candidates to replace Daly when he’s up for re-election? Anyone game?
