Posted by Vacancy De-Control
a resident of Rengstorff Park
on Sep 6, 2020 at 11:01 am
Vacancy De-Control is a registered user.

Landlords with turnover receive "market-rate" rent from new renters (as the new base rent). Those higher rents are part of the landlord's return. The local "CSFRA " and state rent control only limit increases on existing renters. So, in considering an upward adjustment of rent that may be charged existing renters, the Rental Housing Committee (RHC) would need to know about all of the rent collected. And now, the RHC will need to know about Covid-19 losses and subsidies. How many renters in Mountain View have been and are unable to pay their full rent? Has the RHC or City or anyone else tried to make that determination?

Posted by Steven Goldstein
a resident of Old Mountain View
on Sep 6, 2020 at 11:36 am
Steven Goldstein is a registered user.

Vacancy,

The CSA has a record of all units requesting assistance.

However, their funds ran out months ago with hundreds of applications not processed.

The rental market is always dependent on high turnover of tenants. This is why landlords are aggressive on evictions.

However the market is melting down if you read this information:

Just another example of what is to come here in Mountain View.

The Business Insider reports that rents are at a 6 year low in San Francisco. (Web Link

What is the cause, the Tech Exodus from what the report indicates?

I can imagine the property owner in Mountain View are reeling due to the price cuts they are having to make during this period, and these are not the CSFRA units, but current market ones.

OMG you should look at Zumper price trends in Mountain View found here (Web Link

A Studio Apartment at its peak in Aug 2019 on average was $2899, now it is $2095 a reduction of 28%. A Single Bedroom Apartment at its peak in Jun 2018 on average went for $3990, now it is $2499, a reduction of 37%. A Double Bedroom Apartment at its peak in Jun 2018 on average went for $5000, now it is $3200, a reduction of 36%. A Triple Bedroom Apartment at its peak in Dec 2018 on average went for $5500, now it is $4300, a reduction of 21%

And realize these apartment prices are skewed because most are luxury units in Mountain View. Investors in the Mountain View Rental market must be in effect freaking out.

For example when my landlord bought the property I live in in Feb 2016 the prices were like this:

A Single Bedroom Apartment on average went for $3120, now it is $2499, a reduction of 19%. A Double Bedroom Apartment on average went for $3570, now it is $3200, a reduction of 10%. A Triple Bedroom Apartment on average went for $4000, now it is $4300, an increase of 8%

But there are at most 2 units in my building that are 3 bedroom.

It looks like the prices have returned to the same prices as 2014 here.

In effect the rental business in Mountain View is really in trouble.