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Reject Rent Control in any Form

From: domainremoved <Mary>
Date: Tue, 8 Nov 2016 22:59:37 +0000

Dear Honorable City Council,

I am writing to you to ask you to reject any proposals that relate to rent control.

As a real estate agent, I am intimately familiar with demand for rental housing -- both apartment and single family homes -- in our city. I want you to know that we are in a slow down and there are single family homes and apartment units that are sitting for months on the market without being leased. As a result, prices are coming down. This is happening up and down the peninsula, not just Menlo Park.

There has been a significant amount of new construction of rental units on the mid peninsula and I believe that this may be influencing our rental market. Inventory is now greater than the demand. This reversal of inventory has caused inventory to sit longer and since the summer, lease prices have come down.

For many years now, we have had the opposite scenario in that there have been multiple parties trying to lease a particular home or apartment and this is what has driven the prices up. This is now reversing real time. Reports that continue to say demand is outweighing the inventory are lagging reports and they are not representing the recent trend that has reversed since this past summer.

What we are now experiencing is the effect of investors in real estate who have met the prior demand and created the inventory. Due to the new developments, we are finally approaching a balance between supply and demand.

When government tries to step in and manage with rent control of any kind, it becomes a deterrent to the free market. We will lose investors and our property values will be negatively affected. I had a personal experience selling a single family home in East Palo Alto last year where rent control exists. This home had many interested parties who were investors until they learned that there was rent control. They all walked away from making an offer on the home. This impacted the value of the home significantly.

Please refrain from engaging in any form of rent control on any property.

Sincerely,
Mary

Mary Gilles
Realtor, Alain Pinel Realtors

BRE# 01789710

650.814.0858
MGILLES_at_(domainremoved)
MaryGillesRealEstate.com

Alain Pinel Realtors
1550 El Camino Real, Suite 100
MENLO PARK, CA 94025
Received on Tue Nov 08 2016 - 15:04:27 PST

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