Its different equally. And a tenant would be tenants on the lease this is or sub tenants as well . The legislation didnt specify. Do you know what the intent of the author. I think the idea is to help everyone thats impacted by the displacement well make that issue. We know that the tenant hardest hit are the long term tenants so if i have a tenant with multiple tenants and one has been there for thirty years and maybe a newer or sub tenant i dont know if theres any other way to do that but ive wondering to taking into consideration if its dont believe. Were open to suggestions. So thank you. So supervisor may i like to ask the budget analyst mr. Fred to come and do a brief presentation the question was to provide information that analyze the profits that are being gained from some of the evictions typical the ellis act eviction that provides context for us to understand the financial benefits that some of the landlords have in doing evictions to provide some context for what is fair i
Vacation then the rent will be lower and so you never refer back to the base rent. No when we talked about the evidence it will not be there. Another way of doing that would be to take the original base rent and increase it on the one hand for the market rate increases over time and on the other hand, for what the allowable rent increases and to compare the two. Yes. That will be an alternative and was it considered. Yeah, but we rely on the basis rent and if its 27 years ago that might not be realistic. In terms of the factor the 3. 0 is that compounding the matthew increase rates in San Francisco for each calendar year. Yes and were relying on the published data. Supervisor campos. I want to note we discussed both alternatives with the Apartment Associations and to have something that creates clarity i wont speak for them but the formula that is sort of being the preferred one is something thats my understanding they prefer as well but they can speak for themselves. I have nothing fu
Can you give some examples. Yeah. For example, one of the works that supervisor campos Office Shared would be a 2 bedroom apartment in the mission couped for 2 seven years by a tenant instill the building is currently renting for 9 had and 9 so the index would be 33. 055. Multiple 3. 055 times the rent at the time of eviction or 909 is 2,200 plus and the difference is one thousand 8 hundred and 68 thats the difference between the market rate and the relocation payment is that amount one thousand plus times 64 that would need to be split across the two roommates that are sharing the unit one is disabled and one provides an additional payment for the roommate. A second example is a twobedroom unit in the inner sunset for 4 thousand one hundred and 60 thats it occupied for many years you must not 2. 344 to get 3 thousand 4 hundred and 22 and intrablth the rent to get even though differentiate of 9 hundred plus and that differentiate is the relocation payment and in this case, its 47,088.
You every year and they dont raise the rent very much. So if you have a landlord is thats not done their allowable rental increases what is the difference this is this method relies on an assumption that the resemble rents have been taken so its multiplied by the rent control and theres no one any need to remember the first year of occupancy. Is so if you have a landlord that hadnt raised the rent in terms of the lower amount its 13wr5ub9d out. Yeah, but the lower rent will reduce both sides of the vacation then the rent will be lower and so you never refer back to the base rent. No when we talked about the evidence it will not be there. Another way of doing that would be to take the original base rent and increase it on the one hand for the market rate increases over time and on the other hand, for what the allowable rent increases and to compare the two. Yes. That will be an alternative and was it considered. Yeah, but we rely on the basis rent and if its 27 years ago that might not
The market and the phenomenon of sales and post eviction were not stating the specification as a categorical you the range was negative 278 or 4. 8 million so you did the average was 1. 5 million can you talk about how you got that number. Oh, sure the difference in the profit amaze is simple the prior Purchase Price the last time it was purchased before the eviction and the price after the evictions for the building. And thats an important thing to point out. Most of those buildings are multi tenants so, so a 10 unit buildings was purchased at the single price prior to the eviction and solid like condominiums so we got the prices of each unit and that value tends to be much higher in aggregates so did you circulate an additional to the average property amount the mean. We can do that we provide that the highend and the low end. Why didnt you include owner expenses for improvements. We dont have that information. That would request getting permits from the records and the estimates wou