{"id":24659,"date":"2024-07-12T10:15:59","date_gmt":"2024-07-12T17:15:59","guid":{"rendered":"https:\/\/peninsula360press.com\/?p=24659"},"modified":"2024-07-12T12:00:36","modified_gmt":"2024-07-12T19:00:36","slug":"multi-family-in-redwood-city","status":"publish","type":"post","link":"https:\/\/peninsula360press.com\/en\/multi-family-in-redwood-city\/","title":{"rendered":"Redwood City multifamily corporations raising rents: report"},"content":{"rendered":"
\"Redwood
A new report suggests corporate multifamily owners in Redwood City are driving unsustainable prices.<\/figcaption><\/figure>\n

Listen to this note:<\/p>\n

 <\/p>\n

*87 percent of multifamily housing is owned by corporations and trusts<\/span><\/em><\/p>\n

After news broke that the San Mateo County Elections Office backed off a rent control proposal from the November ballot, and rent prices have skyrocketed, a <\/span>new report<\/span><\/a> suggests that corporate multifamily owners are driving such unsustainable prices in Redwood City.<\/span><\/p>\n

A report released Thursday by the Anti-Eviction Mapping Project reveals that 87 percent of multi-family housing in Redwood City is now owned by corporations and real estate investment trusts.<\/span><\/p>\n

The analysis details that these corporate landlords, especially those with larger property portfolios, are charging higher rents and increasing them more quickly compared to the small number of small landlords.<\/span><\/p>\n

The most affected by this type of practice are the elderly, families and essential workers.<\/span><\/p>\n

\u201cOut-of-town corporate landlords care most about their profits,\u201d said Amelia Garibay, a leader of the Bay Area Faith in Action organization, which has led the effort to put rent control on the November ballot.\u00a0<\/span><\/p>\n

\u201cWe care about keeping Redwood City affordable and making sure everyone has a decent place to live,\u201d he added.<\/span><\/p>\n

The report shows that out of a total of 12,030 multifamily units in Redwood City, only 187 are owned by local \u201cmom and pop\u201d owners, while the 20 largest owners own more than 5,116 multifamily rental units in Redwood City, more than 40 percent of the city\u2019s total.<\/span><\/p>\n

\u201cOut-of-town, larger-scale or corporate landlords may be more likely to view their rentals as business investments and be motivated to maximize profits regardless of community impact,\u201d the report said.\u00a0<\/span><\/p>\n

Real estate funds with large portfolios based outside of Redwood City have been particularly quick to raise rents, an average of 17.4 percent over three years, he said.<\/span><\/p>\n

\u201cThe report shows that large-scale corporate landlords dominate the rental market and charge the highest rents, which is driving up rents overall,\u201d said Dan Sakaguchi, one of the report\u2019s authors.\u00a0<\/span><\/p>\n

He added that corporate landlords not only own the majority of Redwood City\u2019s apartments, but \u201care actually driving the city\u2019s affordability crisis.\u201d<\/span><\/p>\n

It is worth noting that some neighborhoods in Redwood City are more affected than others.\u00a0<\/span><\/p>\n

Communities like Friendly Acres and East Woodside Road are highly vulnerable, with more than 1,000 corporate-owned units now in the area and rents in those two areas having increased by more than 9 percent in the past three years.<\/span><\/p>\n

\u201cSmall, family-owned landlords are important because they keep rents reasonable and keep families stable,\u201d said Martha Beetley, a Redwood City homeowner and a Bay Area leader for Faith in Action.\u00a0<\/span><\/p>\n

\u201cI was shocked to see that they now own less than 2.0 percent of our rental units. Corporate landlords who own properties across the country don\u2019t have much interest in our community.\u201d<\/span><\/p>\n

According to Zillow Rental Data, the average apartment rent now exceeds $3,250 per month.\u00a0<\/span><\/p>\n

In addition, many tenants are also being forced out due to mistreatment by landlords, including harassment and uninhabitable living conditions.<\/span><\/p>\n

More than half of Redwood City residents are renters. According to the Bay Area Equity Atlas, since 2000, rents have grown twice as fast as renters\u2019 incomes, leading to renters being more likely to live in rent-burdened or overcrowded homes than the average San Mateo County renter.<\/span><\/p>\n

The report highlights that in the Latino community, 60 percent of households are rent-burdened, including 31 percent who pay more than half of their income on housing, putting them at serious risk of displacement.<\/span><\/p>\n

She also notes that older adults who have lived in Redwood City for decades are also disproportionately affected, as 75 percent of the city's 6,600 senior households are low-income.<\/span><\/p>\n

You may be interested in:<\/strong> Redwood City will not put rent control petition on ballot<\/a><\/em><\/p>","protected":false},"excerpt":{"rendered":"

Escucha esta nota:   *87 por ciento de viviendas multifamiliares son propiedad de corporaciones y fideicomisos Luego de que se diera a conocer que la Oficina Electoral del Condado de San Mateo ech\u00f3 para atr\u00e1s el que una propuesta de control de alquileres estuviera en la boleta electoral de noviembre, y de que los precios […]<\/p>","protected":false},"author":7,"featured_media":24661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,14],"tags":[],"class_list":{"0":"post-24659","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-community","8":"category-cover"},"_links":{"self":[{"href":"https:\/\/peninsula360press.com\/en\/wp-json\/wp\/v2\/posts\/24659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peninsula360press.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peninsula360press.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peninsula360press.com\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/peninsula360press.com\/en\/wp-json\/wp\/v2\/comments?post=24659"}],"version-history":[{"count":4,"href":"https:\/\/peninsula360press.com\/en\/wp-json\/wp\/v2\/posts\/24659\/revisions"}],"predecessor-version":[{"id":24666,"href":"https:\/\/peninsula360press.com\/en\/wp-json\/wp\/v2\/posts\/24659\/revisions\/24666"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peninsula360press.com\/en\/wp-json\/wp\/v2\/media\/24661"}],"wp:attachment":[{"href":"https:\/\/peninsula360press.com\/en\/wp-json\/wp\/v2\/media?parent=24659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peninsula360press.com\/en\/wp-json\/wp\/v2\/categories?post=24659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peninsula360press.com\/en\/wp-json\/wp\/v2\/tags?post=24659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}