The 5% rent cap is already way too low. Landlords cannot maintain their building or keep up with annual bill increases and maintenance costs. This will hinder property values and detour new investment in the city, further deteriorating our San Leandro community. I am a landlord and manage properties as well, so I know first hand the expenses and resources required to run a building.
By further capping the only lifeline landlords have to continue running the buildings you will cripple the ability of housing providers to keep these properties afloat, disincentivise future ownership and encourage deterioration. People put their lives into these buildings. Five percent is already very low as landlords already are stripped of any kind of upside to owning multifamily [housing]. This will only devalue and ruin our city.
This is an online comment in response to the Tri-City Voice article, “San Leandro extends rent registry deadline for landlords.”
Juan Reyez
San Leandro
