> The landlord can cancel this “option” reasonably easily so it is quite different from selling a call. Theoretically in a rent controlled market the landlord

> The landlord can cancel this “option” reasonably easily so it is quite different from selling a call. Theoretically in a rent controlled market the landlord can't cancel the call option. In practice they might be able to by jumping through some (expensive) hoops, but it should be a reasonable approximation still. I'm not quite sure what sf/Cali law looks like so I am just taking in generalities about rent controlled markets.