But don’t take my word for it, listen to one of your neighbors at 8 Tenth Street, 94103, via the Yelp:
“Please read this if you are considering any non-rent control building in San Francisco. I wish someone had told me this when I moved to the city and chose Nema. Please consider this advice.
If you have visited Nema, you probably can tell that the management, amenities and staff are outstanding. You may also notice that everyone living in the building has just moved from another city or state. Here’s why:
UNDER NO CIRCUMSTANCES should you rent in a non-rent control building, unless you can sign a multi-year lease. Could you afford a double digit rent increase? 50% rent increase? Is your income doubling next year? It seems far away now, but you will probably want to renew your lease. Now is the time to make a good decision about housing, not next year because you will be paying much more then.”
So basically, buildings built AFTER rent control came to San Francisco in 1979 don’t have no rent control. (The relevant date is printed on your landlord’s Occupancy Permit, but if your crib went up in 1980 or later, don’t even bother checking.)
That means that your friends renting units in older buildings will face a maximum annual rent increase limited to 60% of a certain Cost of Living Index dealing with the Bay Area. That means one-something percent per year.
OTOH, if you moved into the NeMA at $1950 per month last year (as some did, 2nd or 3rd floor, lousy view* – Unit 324, for example**) and your lease is coming up, consider that there are no units available now for less than $2800 (I’m srsly – some studios go for $4000+)
Are you, the NeMA renter, looking at a 40% rent increase soon?
If not this year, what about the next year too? How long will it take to have a 40% increase for your unit, you know, cumulatively?
Sooner than you think Auslander.
Sooner than you think, Outlander.
Why don’t websites aimed at tourists and newcomers tell you this? Well, because they’re on the take from … The NEMA!
I assign this story to the San Francisco Chronicle – this one writes itself. (This would be a good CW Nevius, I’m seriously.)
*Compared with the rest of the units in the Nema.
**This was not a BMR (Below Market Rate) unit reserved for those people making less than $38,000 per year, no no. Those places went for around $950 per month. I’m talking about market rate units back when market rate was $1950 per month for the least desirable apartments at NeMA – that was all the way back in 2013.