December 31, 2013

33 Brand New Mid-Market Apartments For Around A Grand A Month

55%209th%20Street%2012-31-13.jpg

While the going price for a new studio apartment in San Francisco is averaging over $2,400 a month and Mid-Market one-bedrooms are running closer to $3,500 for 700 square feet of space, eleven (11) of the new one-bedrooms in the 273 unit building nearing completion at 55 Ninth Street between Market and Mission dubbed "AVA" will be available for $1,066 a month, twenty-one (21) two-bedrooms for $1,192. One 528-square-foot studio will be rented for $939 a month.

So what’s the catch? As part of the Mayor's Office of Housing and Community Development Below Market Rate (BMR) Rental Program, applicants for the 33 BMR units cannot make more than 55 percent of the area median income, which means a single person can make no more than $38,950 a year, a couple can make no more than $44,500.

While the maximum income for a single person is $38,950 a year, the minimum income for any of the units in the building will be two-times the monthly rent: $25,584 a year for a below market rate one-bedroom and $28,608 for a two. Twelve parking spaces for the BMR units will be available at a discounted rate of $100 a month.

Applications for the 33 apartments are due by 5pm on January 21, 2014.

Bay Area Rents Climb, East Bay Jumps 10 Percent In 3 Months [SocketSite]
AVA (55 9th Street) Below Market Rate Apartment Program [sf-moh.org]

First Published: December 31, 2013 10:45 AM

Comments from "Plugged In" Readers

I'm all for affordable housing, but I have questions. 1. as a single person when my salary goes above the max limit do I have to move out? 2. if later my girl-friend moves in (she makes over 100k) can she move in? (how would they know?) do we have to move out? 3. later my company goes public and we buy a 2Mil house in Palo Alto for cash, can we keep the apt as a pied-a-tier. (how would they know?). btw, for $100/mo I'd keep the parking space- always have a place to park when we drive yup to SF.

Is it really that easy to game this like rent control?

Posted by: Leningrad at January 1, 2014 9:17 AM

@Leningrad Yes it is that easy. I know at least two people who bought BMR units because their income was low a given year, but they had stock assets that netted them millions. One of these guys is the son of a well-known VC.

There is no way to make these schemes work. France's own version of BMR (HLM) is routinely abused by politicians and 'temporarily' poor people who are in fact middle or upper middle class. France is a lot better at socialism than we are (and at things like policing abuse and controlling health costs), and even there abuse is rampant.

Posted by: Rent Control is Dumb at January 2, 2014 12:39 AM

Leningrad:
Few people are "gaming" rent control. Because there are SOME who use rent control as a way to maintain a pied a terre and then live elsewhere does not mean that it is a widespread practice. Many rely on RC to maintain their occupancy in their apts. with very modest incomes or in disabled situations. But this method of propaganda does serve to seep this myth into the minds of the non-discerning. As you and others repeat this idea and perpetuate the myth, you place yourselves up there with those who referred to the Contras as "freedom fighters" or those who use phrases like "job killers," “activist judges,”
and "socialist" for those wanting single-payer-universal health care.

Posted by: TinyTim at January 2, 2014 11:38 AM

TinyTim:
I think we differ on "few" and "SOME". It is a significant number in SF and NYC (albeit based on my personal knowledge not on any statistical study). It is not a myth. Overall RC is one of the reasons housing is so expensive in SF. I'm not saying evict those " with very modest incomes or in disabled situations"- but can't there be an annual requirement for primary residence and income level?

It sure is a leap of logic and intelligence to assume someone who disagrees with you on rent control supported the contras [actually I supported the Sandinistas]. I never used the term "activist judges"-ever. And I am a big supporter of universal health care. All of which has nothing to do with the abuse of rent control.

Posted by: Leningrad at January 2, 2014 12:16 PM

This is very nice post. You can find apartments for rent with cheap rates on apartment reviews.

Posted by: Apartments For Rent at January 22, 2014 10:14 AM

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