While Mayor Newsom prepares to veto Supervisor Avalos’ sponsored “just cause” extension legislation which was passed by San Francisco’s Board of Supervisors last week, on Tuesday he will introduce a bit of eviction legislation of his own (9:16 in the above).
In the address, titled “Mayor Newsom’s YouTube Update,” the mayor said he would introduce alternative legislation Tuesday that would protect tenants living in nonrent-controlled units from evictions if their home is foreclosed upon by a lender.
The legislation will protect tenants from the “predatory nature of banks” and “other circumstances” related to “macroeconomic challenges,” Newsom said.
Seizing the asset that secured a nonperforming loan is “predatory” behavior? Who knew.
And depending upon how it’s written, keep an eye on Craigslist for way below market rate (WBMR) rentals with long-term leases for cash up front should it pass…
UPDATE: While we actually considered featuring the bank owned sale of 3730 Fillmore when it first hit the market, we didn’t. Purchased for $500,000 in September of 1999 the property was taken back by the bank this June with a first mortgage of $1,099,079 owed.
Two weeks ago the 1,722 square foot two-bedroom condo returned to the market asking $925,000. And yes, it’s already in contract. So why do we mention it now?
As a plugged-in reader adds:
i’m surprised [SocketSite] didn’t pick up on 3730 Fillmore street, a rare foreclosed condo in the marina that just went into contract at a very reasonable price. sold for under $1M, the previous owner had racked up (i think) about $1.6M in loans from those “predatory” banks. and the poor victim? none other than [the Mayor’s] cousin.
And giving credit where credit is due, it’s actually another plugged-in reader that first commented on the plight of 3730 Fillmore eight months ago.
∙ Just Cause Eviction Extension Approved, But With Four Key No Votes [SocketSite]
BeCause Eviction Vote Scheduled For Tomorrow [SocketSite]
∙ Newsom plans foreclosure eviction bill [Examiner]