23 September 2016

Landlord Who Supports Rent Control

[Background - the city council of my town, Richmond CA, has had a very heated political debate for a couple years now over whether or not to institute rent control.
Richmond is currently one of the more affordable pockets in the San Francisco Bay Area, especially for being close enough to the center to have its own BART stop, but like rents everywhere in this popular and rapidly growing area, they are climbing fast.
With rent control measures, landlords would only be able to raise rents they charge by a certain percentage (generally close to inflation levels) each year, and could only evict tenants if those tenants actually did something wrong (or if the landlord wants to move in), not just as a way to get new tenants to pay higher rent (rents can be increased between tenants, assuming they move out voluntarily or are evicted for a legitimate reason).

In the public discourse around the issue, those against it are constantly making the claim that it would "hurt small-time landlords".
I posted the following to a couple neighborhood discussion groups on the topic:

Not that any one cares about one random individual's opinion, nor that they should... 
...but since so many who talk about the subject feel entitled to speak on my behalf, I just wanted to set the record straight. 
I grew up in Richmond, and I live here now. I worked for the downpayment money for our triplex home from scratch, on an ordinary working class salary (averaging around 20k a year). I was able to save money by living in trailer parks most of my adult life.

Today I am a "small time" landlord. I own just a couple of units, which share the same land as my own home is on. I put a lot of money and time and work into upgrading it and making it a nice place for my tenants to live, and I still have a giant mortgage on it.

And there is absolutely no way I could honestly claim that rent control would "hurt" me.