The local downfall of SF’s one-time biggest residential landlord Veritas Investments continues unabated, as they’re selling off more San Francisco properties, this time 23 buildings with 762 rent-controlled apartments.

We will admit to a little bit of schadenfreude at the financial troubles of SF’s former biggest residential landlord Veritas Investments, as they took millions in PPP loans despite being a $3 billion company, and their stubbornness led to the closure of the Haight’s Club Deluxe. But they may not be a $3 billion company anymore, as they started defaulting on $1 billion in loans last May. So they’re selling properties off, but it’s also an uncertain state of limbo for the tenants of those apartments.

As tenant representative and Housing Rights Committee of SF organizer Brad Hirn told the Chronicle at the time of that May default, “The tenants have been told that Veritas isn’t doing the soft-story [earthquake retrofit] work because they are in debt."

Now more Veritas tenants face that uncertainty, as the Chronicle reports that Veritas is trying to sell 23 more SF residential buildings, which contain some 762 rent-controlled apartments. And as seen above, Supervisor Aaron Peskin has some ideas about who ought to buy them.

The Chronicle does not mention which properties Veritas is trying to sell, though they do show a picture of the building at 1320 Lombard Street and list it as “among Veritas' 23-building portfolio that is being marketed for sale.” But the Chron notes that these properties are “located in the Alamo Square, Russian Hill, Mission, Nob Hill, Tenderloin, Noe Valley and Lower Haight areas.”

But the Chronicle obtained a brochure marketing these properties, which refers to them as “the Neighborhood Collection.”

“Located across many of San Francisco’s more desirable and very difficult to access neighborhoods, the Neighborhood Collection presents a compelling opportunity to acquire a portfolio of high-quality SF rental housing that would be virtually impossible to replicate via one-off acquisitions,” the brochure says.

But as noted, Peskin thinks the city ought to step in and scoop them up. “If there are opportunities for the city to partner with affordable-housing developers on small-site acquisitions, opportunities to preserve affordable housing and keep people in their homes — these are the types of investments that the city should be planning for now,” Peskin told the Chronicle.

But that seems unlikely as the city grapples with a budget deficit.

Yet it’s almost a form of poetic justice, as Veritas became SF’s biggest landlord by scooping up other struggling landlords’ properties during the 2008 recession. And it’s also a sign of the shifting economic winds. One of the biggest buyers of the SF properties Veritas is onloading is Brookfield Properties, who themselves are one of the partners that surrendered the former Westfield Centre mall to its lender.

Related: Mega-Landlord Veritas Investments In Default on Loans, Could Lose a Third of Its Buildings [SFist]

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