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The title of this submission is extremely misleading. The landlord, Russell Flynn, is raising the rent of 10 units from $1,080 to $3,870 per month, ostensibly
by roymurdock 11y ago
The title of this submission is extremely misleading.
The landlord, Russell Flynn, is raising the rent of 10 units from $1,080 to $3,870 per month, ostensibly because they are located near the site of a new luxury high-rise tower which will generate more demand for those 10 units.
He is not raising the rents 3-fold for all of his 3,600 properties in one go as the title suggests.
The article is also very light on details - it mentions that the landlord gave his tenants 1 year notice, and it's doubtful that these were rent controlled units.
Developers and landlords are going to jack up prices whenever they can, so this is a pretty common occurrence and shouldn't come as a large surprise. Cities are apt to go along with these plans because it brings in higher income families/individuals which means more tax revenue. As long as the landlord follows standard procedures, the best that these tenants can hope to do is to raise enough hell so that they get a decently sized settlement, and then relocate further outside of the city.
- hugh4 11y agoOr plan their lives better so they own property instead of renting it. Buying property in Oakland six years ago was a great idea. Buying it now is probably still a good one. Renting in Oakland and hoping your rent won't go up in the next decade is a terrible plan.