San Francisco lawmakers have introduced a pair of bills to the state legislature that would hamper a property owner’s ability to quit the rental housing business. The pending bill, which would force buyers to own a building for at least five years before they could evict tenants using the Ellis Act, has moved out of committee to the legislature for final approval.
As San Francisco property owners gear up to fight the bill, rental property owners, managers, and residents throughout California who support the right of rental property owners have created a coalition, Preserve the Ellis Act.
Even if you aren’t planning on invoking the Ellis Act on your property, it is important for the future sale of your investment that future buyers aren’t constrained. If future owners’ use of the property is constrained, they may be less willing to pay top dollar for a property, which would squeeze your profits.
Contact your legislators and encourage your friends and family to do the same. For valuable information and constant updates on the bill’s progress, please visit www.preservetheellisact.org.