San Francisco Magazine digs deep to tell the story of the Lembis.
Their business plan was simple: Exploit the difference between artificially low, rent-controlled rents and the sky’s-the-limit, market-rate rents they could charge when the old tenants were out and new ones took their place.
This has been the motive behind many a buyout and eviction, legal or illegal, in San Francisco and in every other city with rent control.
For the Lembis, however, it was also a strategy that made their holdings more attractive to all that practically free short-term money—hundreds of millions of dollars—flowing in from around the globe.
The full story. And our quick three link chronology.
∙ War of values [San Francisco Magazine]
∙ Cash Flows Catch Up To The Lembi Group [SocketSite]
∙ The Chronicle Reports “Dozens,” A Plugged-In Source Says Over 100 [SocketSite]
∙ CitiApartments Is No More! Well, Sort Of… [SocketSite]