Monday, March 23, 2015

Talk about a rent hike – READ THIS!

As a realtor I am always touting about the advantages of home ownership VS renting. Nothing compares to coming home to your own home after a tough day and realizing this is why you work so hard. Another great advantage to buying is that with a fixed rate mortgage there is no increase in the monthly payments, ever. If you don’t think that’s a good enough reason to stop renting than you need to meet Deb Follingstad!

Deb has lived in the same apartment in San Francisco for the past 11 years but that is about to change. Her rent is (or was) $2,145-per-month for her 2 bedroom abode but a letter that she received from her landlord on May 2nd is about to bring that to a grinding halt. It seems that a slight increase in rent is coming her way, a $6,700 dollar a month increase! Believe it or not, her landlord is raising the rent to a whopping $8,900 a month and that’s not all. The new security deposit will be $12,500 big ones!

To make matters worse Ms. Follingstad was under the impression that her apartment was rent controlled under San Francisco’s Rent Ordinance of 1979. Well, actually, it was but when the previous tenant below her moved out last year the landlord removed all of the plumbing and appliances and converted the ground level to a storage space. In doing so the property became a single family residence that was no longer covered under the 1979 law and therefore no longer rent controlled.

In retaliation to the landlords rent hike, Deb decided to post a copy of the notice on her Facebook and instantly received an outpouring of support from fellow socialites with more than 7,100 shares of the notice. What some of them had to say about the landlord was less than flattering. Unfortunately, all of this support is not helping her situation and currently she is searching for something a bit more “affordable” and seeking legal council.

The landlord, Nadia Lama has not made any public comment at this time but her lawyer, Denise A. Leadbetter simply said “You are not receiving all the information from Deborah, and I have no other comment at this time”.

The rise in rents throughout the country has been making headlines for some time now but this one takes the cake! Good luck to Deb in her new search and maybe, just maybe she needs to consider buying a place of her own?

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