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Rent control rumored to be driving apartment sales | News
Mountain View's rent- control program has already survived political and legal trials -- but what about the business test?
An increasing number of apartment owners appear to be cashing out rather than working under the new restrictions. If the trend continues, some say it will lead to a cascade of redevelopment spearheaded by large corporate buyers . This scenario would result in older apartments being phased out and replaced with new housing that is exempt from rent control.
Those looking at the data with a more critical eye point out that sales of apartment buildings are up throughout the South Bay, and that the number of buyers indicates a healthy interest in investing in Mountain View housing , regardless of rent control.
To take one example, Fremont residents Ann and Paul Lethers decided in June to sell their 18-unit complex on Del Medio Avenue in Mountain View, which they created from separate purchases of two adjacent nine-unit buildings. They say they had to m
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