Real Estate Speech (2)
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Real Estate
Dr. Sarah Sun Liew has the experience to lead on Real Estate. She is working the CEO Real Estate investment, management and brokerage corporation; Meridian Beverly Hills Realty and Management Inc. She has over 30 certifications in courses in real estate brokerage, investment, mortgage, and law.
Real estate is a balancing act that needs to allow landlords to control their investments while respecting the rights of tenants.
1. Property owners are not allowed to charge free-market prices for their units. Tenants have previously faced extreme rent increases.
2. Apartments are legally capped at the number of people allowed. Many local zoning “uses a formula-based occupancy restriction, known as the two-plus one formula, which permits two people to occupy each bedroom, with one additional person in the living space”(SF Gate).
3. Property owners face significant income loss due to eviction and vacancy.
1. California recently passed a 5% increase after inflation and Sarah supports this bill. “In an indication of how dire housing problems have become, it also garnered the support of the California Business Roundtable, representing leading employers, and was unopposed by the state’s biggest landlords’ group”(NY Times). This is a win-win that all sides have mostly agreed to.
2. The Federal code is more efficient in that it focuses on the size of the apartment instead of rooms which can vary greatly in size. “Each dwelling must have at least one room measuring at least 120 square feet, and all other habitable rooms excluding kitchens must be at least 70 square feet. The minimum dwelling size determines the maximum occupancy rate. Two people can occupy a minimum-size dwelling. For each additional occupant, the minimum must increase by 50 square feet”(SF Gate).
3. “Landlords have always been able to evict tenants for not paying the rent, violating the lease, conducting criminal activity on the property or other causes for which the tenants are at fault”(San Fran Chronicle). Eviction is a drawn-out process that should be streamlined through arbitration. We should also research an insurance program for high-risk tenants, much like PMI is required form mortgages that do not have a 20% down payment.
Issues & Resource
The New York Times
San Francisco Chronicle ed-to-know-about-14948399.php
SF Gate -83311.htmlHeading 5