By Kathleen Pender : sfchronicle – excerpt
Thanks to a glut of new high-end apartment buildings, some Bay Area landlords are offering incentives such as free rent for a month or more, six months of free parking, free electricity for a year or up to $1,500 in gift cards. Some are waiving application fees and cutting security deposits to $1,000 or less on units that rent for $3,000 a month and up…
“Everything getting built is very high end. If the high rents in SoMa start dropping, eventually people will move to the city from the suburbs” and rents will become more affordable for everyone, Babin said. But “it might take rents in the city not growing at all for years for it to transpire,” he said. In the meantime, “you are only helping out people with a lot of money.”… (more)
Deals for the rich and the poor must post first last and the deposit. What is wrong with this picture?
And, what will happen when the developers hit the Eastern Neighborhoods luxury housing ceiling? Some say the community outcry against more luxury housing could result in a new EIR requirement. It all sort of depends on who you ask. The Planning Commissioners asked and have yet to get an answer on what happens when you reach the cap prematurely.