San Francisco, Silicon Valley rents plunge amid downturn

Re:San Francisco, Silicon Valley rents plunge amid downturn by notyourwork on Monday June 01, 2020 @01:01PM (#23380756)

> Landlords are very reluctant to lower rents, because with the statewide rent control that limits increases to 5% a year, we're incentivized to keep the rents high and give months of free rent, just so our base rate doesn't drop.

How is it that Mission Bay apartments are not subject to these rent control regulations if this is state wide? Asking because when I lived in Mission Bay, UDR properties each year tried increasing my rent much higher than this.

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Re:San Francisco, Silicon Valley rents plunge amid downturn by BigCatStuff on Monday June 01, 2020 @01:08PM (#23380872)

Statewide rent control in California wasn't enacted until January 1, 2020 (with a retroactive period of several months I believe).

So, if you rented before Jan 1, and your rental unit was built after 1979, it wasn't covered by any rent control. Landlords could raise rent as much as they wanted on those types of units.

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Re:San Francisco, Silicon Valley rents plunge amid downturn by notyourwork on Monday June 01, 2020 @01:36PM (#23381249)

Thanks for clarifying, I wasn't aware this is a recent change.

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Re:San Francisco, Silicon Valley rents plunge amid downturn by jedberg on Monday June 01, 2020 @01:06PM (#23380839)

The law just passed last year, mostly in response to exactly what happened to you.

Also there are a lot of exemptions, one big one being that the building needs to be 15 years old to be subject to the law.

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Re:San Francisco, Silicon Valley rents plunge amid downturn by ejcx on Monday June 01, 2020 @01:03PM (#23380791)

Mission Bay apartments were built after 1979 (or whatever the exact date is). It's all new construction, which isn't subject to rent control: https://www.sftu.org/rent-control/

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Re:San Francisco, Silicon Valley rents plunge amid downturn by creddit on Monday June 01, 2020 @01:04PM (#23380810)

Not starting in 2019: https://la.curbed.com/2019/9/24/20868937/california-rent-con...

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Re:San Francisco, Silicon Valley rents plunge amid downturn by creddit on Monday June 01, 2020 @01:04PM (#23380794)

Building needs to be 15yrs old

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