From the Examiner with respect to Ellis Acting a rental building not to exit the business, but rather to renovate and re-enter at above the previous rent-control rents:
Bay Area native Greg Wimmer owns 11 units spread across three buildings in upscale neighborhoods. But currently, just four of them are used to house renters.
That’s because Wimmer decided to take a handsome but neglected seven-unit, 95-year-old building in Nob Hill off the rental market — by evicting the tenants — after he bought it in 2002.
He’s sprucing the building up now, and by taking his time, can bump up all the units’ previously rent-controlled rates up to market rate if he waits five years.
And some perspective by the numbers: 215,000 rental units citywide; 179,000 rent-controlled (and privately owned); 454 units Ellis Acted in in fiscal year 2006-07.
∙ Vacant by choice [Examiner]