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Residential Rental Increase Cap

From: domainremoved <Kathy>
Date: Fri, 18 Jan 2019 14:12:57 -0800

Dear City Council Members,

I received a notice from the California Apartment Association about a
proposed requirement in Menlo Park. Property owners would be required to
pay a relocation assistance penalty. Please consider these points as you
craft a related City ordinance.

Exclude "landlord-caused" termination in cases where a landlord takes
personal possession of a property for personal use.

Provide exceptions for new owners who purchase properties with existing
leases that are significantly below market rates.

A relocation requirement may be a financial hardship for some landlords.
Consider that the outrageous property values may also adversely affect some
property owners. For some landlords, real estate is employer, retirement,
and future housing for oneself. For those paying for college, rental real
estate and not personal living situation are factored into expected
financial contribution amounts on the FAFSA. A landlord could be a tenant
with limited income, but own rental real estate in Menlo Park, and not
qualify for any higher education financial aid because of the value of an
asset that one cannot afford to mortgage or sell.

I appreciate your concern for tenants and your desire to protect people
from sudden extraordinary increases in living expenses. I don't agree with
the cap, but hope you will at least consider some exceptions and
protections for landlords as well.

Take Care,

*Kathy *
Received on Fri Jan 18 2019 - 14:10:00 PST

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