Oakland City Council: Tenant Relocation Assistance Delayed, But Moratorium on Rent Control Loophole Passes

Extra assistance for renters who are displaced through no-fault evictions failed to pass a second reading at the Oakland City Council last night after Councilmember Annie Campbell Washington had the legislation pulled from the agenda’s consent portion of the calendar and scheduled for a future council meeting’s non-consent portion, where it will likely be debated and amended.

The tenant assistance bill, authored by Councilmember Rebecca Kaplan, would extend cash payments — between $6,500 and $9,875, depending on the size of the rental unit — to renters displaced through no-fault owner move-in evictions and condominium conversions. Renters with children, or those who are elderly, disabled, or low-income would be eligible for additional assistance.

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San Jose: Vacant Nob Hill store will be home to a new church amid community concerns

A vacant former Nob Hill grocery store at the center of a debate over whether the city should step in when commercial landlords let empty storefronts fester will soon become a church.

But community leaders who protested other plans to fill the site that had become blighted and infested with rodents over the last two years said the latest proposal is hardly an improvement for the struggling retail center.

“I was disappointed, I think it’s inappropriate for a church to be inside an anchor store in a strip mall,” said Issa Ajlouny, who’s lived in the neighborhood for 33 years and spearheaded a push to get the space filled. He fears the church will attract homeless people to the shopping center.

“Will that make things worse?” Ajlouny asked. “Is that fair to the other stores in the center?”

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Exclusive Research Reveals Stable Outlook for the Multifamily Sector

Capital is continuing to flow to the multifamily sector. Despite concerns that the real estate cycle is peaking—and with high levels of multifamily construction in some metros—fundamentals have steadily improved and investment sales remain robust. Exclusive research conducted by NREI indicates that the market is likely to stay that course for at least another 12 months.

Apartments remain a favored property type among commercial real estate investors. When asked to rate the attractiveness of the different core property types on a scale of 1 to 10, survey respondents scored multifamily the highest at 7.9, but the score on industrial properties continues to gain ground. It now stands at 7.5. Hotels and office assets both scored at 5.9, while retail’s score has crashed to 4.5.

Read more from National Real Estate Investor

BART, Concord eye vacant site for affordable housing

BART may partner with the city to bring much-needed affordable rental housing to a vacant property a few blocks from the downtown station.

The transit agency owns a 9-acre parcel between Monument Boulevard and San Miguel Road that sits just south of the Concord skate park. Although a canal runs through the property, city staffers believe at least part of it could be developed.

BART works with local communities to develop high-density housing at its stations. Such mixed-use developments are under construction at the Walnut Creek, MacArthur and Coliseum stations, however the Concord project would be the first built on an off-site BART property, according to spokesman Jim Allison.

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Historic former Valencia Street bank sold

The onetime Hibernia Bank turned Social Security office at 1098 Valencia Street went up for sale in October asking $9.9 million. It didn’t take long for someone to take a run on the offer. Realtor Jordan Geller confirms the sale, telling Curbed SF the final price came out to more than $11.89 million

The building will continue to serve as the local Social Security office until July of 2022. Soon thereafter, the federal government has no option to renew its lease, presumably opening up the historically significant 1924 building and its more recent, attached neighboring building to lucrative development opportunities.

Read more from Curbed SF

Rich San Francisco homeowners get sold-off street back

Residents of an exclusive San Francisco neighborhood who failed to pay taxes on their private, gated street for two decades got the street back Tuesday after supervisors voted to rescind the sale of the tax-defaulted property.

The Board of Supervisors split 7-4 on the move, with those in favor saying residents of Presidio Terrace had not received enough notice before their sidewalks, street and common areas were sold at auction in 2015.

Read more from SFGate

San Francisco homeowners want city to give back their street bought by San Jose investor

An investor scooped up one of the toniest private streets in San Francisco after its wealthy owners didn’t pay property taxes for years, a sale that the well-connected homeowners want city leaders to reverse Tuesday.

By taking up the issue, officials have sparked criticism that the city is not as fair and equitable as it claims, but a playground for the rich who don’t have to play by the same rules as everyone else. San Francisco has some of the most exorbitant property prices in the country and has become increasingly unaffordable for many people.

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These 5 Trends Will Impact San Francisco CRE In 2018

While San Francisco is a top market for the tech industry and is fetching some of the nation’s highest office rents, it also has been a region with high housing costs, a lack of available space and a stifling regulatory environment. While San Francisco will remain on the top of many investors’ lists for buying and selling assets, many challenges will remain.

Check out the top five issues that will impact San Francisco CRE in 2018.

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4 Ways that Driverless Cars Could Impact the CRE Industry

Companies ranging from the big automakers in Detroit to tech firms in Silicon Valley are pouring research dollars into driverless cars, and this development is projected to completely change the future of commercial real estate. This transition creates opportunities for new investment as well as challenges for existing properties.

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Downtown San Jose blighted blocks may get new life

SAN JOSE — A plan to build several dozen residential units in downtown San Jose is part of wide-ranging efforts to transform some blighted blocks, decaying buildings and vacant lots in the city’s urban heart into a vibrant community.

“Ultimately this is going to be a great, brand-new neighborhood in downtown San Jose,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use and planning consultancy. “This area north of San Pedro Square has always been the hole in the doughnut of the downtown.”

Read more from East Bay Times