It's also 1 block from one of the famous under-freeway homeless encampments.
One more anecdote, since part of this discussion is about rent control and how it affects peoples choices living in the area. I currently pay ~ $2150 because I've lived there for 8 years. That's why I'm also holding on to the place even though I currently work in San Jose (a 1 hour drive each way). I'd pay even more than I currently do for a place down there, but probably less than a new tenant moving in here (SJ is merely the 3rd most expensive area in the US). The commute sucks, but I prefer to hang out in SF on the weekends.
So yeah, maybe the landlord is missing on a bit of opportunity cost because I live there, but as soon as I move out, it would go to market rate. They could make an extra $20k/year if I moved out but I think generally having a stable tenant in the long run is a benefit, and they've certainly profited far more than that from owning the property. Tenant turnover is pretty high, from what I've seen most people only live here for a year or two.
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I see, that makes sense now - thank you.
It's mind-boggling for me that a hundred-plus year old house costs that much, frankly.
It's also 1 block from one of the famous under-freeway homeless encampments.
One more anecdote, since part of this discussion is about rent control and how it affects peoples choices living in the area. I currently pay ~ $2150 because I've lived there for 8 years. That's why I'm also holding on to the place even though I currently work in San Jose (a 1 hour drive each way). I'd pay even more than I currently do for a place down there, but probably less than a new tenant moving in here (SJ is merely the 3rd most expensive area in the US). The commute sucks, but I prefer to hang out in SF on the weekends.
So yeah, maybe the landlord is missing on a bit of opportunity cost because I live there, but as soon as I move out, it would go to market rate. They could make an extra $20k/year if I moved out but I think generally having a stable tenant in the long run is a benefit, and they've certainly profited far more than that from owning the property. Tenant turnover is pretty high, from what I've seen most people only live here for a year or two.