SAN FRANCISCO — San Francisco landlords are offering longtime residents as much as $50,000 to move out and make way for higher-paying tenants.
The San Francisco Chronicle (http://bit.ly/1m0ugaW) reports more landlords are offering buyouts to get tenants to leave rent-controlled apartments.
Property owners believe they can rent the units at much higher rates in today's hot real estate market.
The San Francisco Tenants Union says it used to get reports of buyouts from a couple renters a year, but now gets 25 to 30 each month.
Blanca Reyes and her family are contemplating a $50,000 offer to move out of their Mission District apartment where they have lived for 24 years. But she says renting another apartment in the city would cost much more than the $549 they current pay per month.
Information from: San Francisco Chronicle, http://www.sfgate.com