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HONG KONG PROTESTING TO REMAIN FREE/CALIFORNIA EMBRACING SOCIALISM
https://www.latimes.com/california/story/2019-08-07/newsom-embraces-rent-cap-california
Assembly Bill 1482 from Assemblyman David Chiu (D-San Francisco), which is pending in the state Legislature, would limit annual rent increases statewide to 7% plus inflation for the next three years. It would also, over the same period, prevent landlords from evicting their tenants without first providing a reason. The bill would not apply to apartments built within the last decade and, in most cases, to single-family home rentals.
The governor said he wanted to see stricter controls for tenants placed in the bill.–Los Angeles Times
VICTIM OF SUBSIDIZED HOUSING PROTEST
Michael Gallin, independent real estate professional, real estate development
California is unfriendly to small independent real estate developers
Michael converts rent controlled apartment buildings into condos creating affordable housing for first time buyers.
Most of the buildings Gallin converts are older rent controlled building with architectural charm in San Francisco, Berkley and Los Angeles. It is also a way for owners stuck with rent controlled buildings to sell, and most small property owners are stuck with rundown buildings because rents are so low so they are unable to maintain them, so they have to sell it at low prices. Rent control devalues buildings.
Gallin has been harassed and a subsidized housing protest outside his buildings resulted in a brick flying through a window.
He has had ongoing dispute with tenants union. It is expensive to do the work, construction prices go up because those companies can’t afford to live in city they work in, resulting in higher prices.
Cities in California have rent control and San Francisco has draconian rent control creating a great deal of hostility.
Mike Gallin has “specifically avoided local media because his story is not what they want to broadcast.”
“Never seen such a division where people stop listening to each other”
The LOWE-Down!
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