[Heavy sigh] We've got a new record high to share in S.F. evermore ridiculous real estate clusterfuck. It seems that a 33-unit building on Nob Hill is converting from rental to for-sale in what will likely be the most expensive tenancy in common in city history, estimated at $100 million at sellout. The building is 1100 Sacramento Street, and as the Business Times reports, the move is a blatant move by the landlord who's frustrated with only being able to raise rents a half a percent each year under rent control something he says is not fiscally sustainable given that the building has a 24-hour doorman, etc.
The landlord said, "To keep a building like this properly maintained you have to raise rents 5 or 6 percent a year."
And clearly there are some tenants in there who've been living the high life on Nob Hill for a song, who will soon be out in the street. There are apparently 10 units still occupied with tenants who will have to be bought out or Ellis Act-evicted, and we're guessing they must be paying very low rents and therefore want to stay. The Business Times mentions that "several units," however, have rented for $10K per month.
Expect some hubbub over this one, especially as it comes just three months after the Board of Supervisors voted to clear the backlog of TICs waiting to condo-convert in the lottery and does this mean that 1100 Sacramento buyers will now have to wait until 2024 to convert?
