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San Francisco tenants get 6-figure buyout to leave luxe unit

San Francisco tenants get 6-figure buyout to leave luxe unit
Posted at 7:24 PM, Jul 30, 2021
and last updated 2021-07-30 22:24:30-04

SAN FRANCISCO (AP) — A wealthy San Francisco couple notched a record nearly half-million-dollar buyout to vacate their luxury apartment of three decades.

The $475,000 voluntary buyout highlights what landlords may have to pay in a city with strict rent control and soaring rents.

San Francisco has among the strongest tenant protections in the country, which encourages tenants to hang on to apartments as market prices go up.

Tenants groups say rent control is necessary to protect low-income renters.

A lawyer for the landlord said the couple agreed to leave because of ongoing construction during the pandemic rather than join fellow tenants in litigation.