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Who rents and who owns?

Newly filed monetary disclosures reveal a few of San Francisco’s elected officers’ actual property holdings, shedding mild on who owns versus rents a house and who collects lease as a landlord.

Whereas 61% of San Francisco’s residents are renters, solely 1 / 4 of town’s prime elected officers — Mayor London Breed and two of San Francisco’s 11 supervisors — lease their houses.

A kind of renters additionally owns a house outdoors town, whereas one other supervisor shares possession of a trip house with household. One is a landlord who rents out three houses in San Francisco, and one other owns a partial stake in an occasion house within the metropolis and runs a mattress and breakfast in El Salvador.

These monetary particulars matter partly as a result of supervisors and, to a lesser extent, Breed, wield monumental affect over housing coverage in one of many nation’s costliest cities. Native officers make legal guidelines that resolve how and the place housing will get developed, place limits on evictions and typically even resolve the destiny of particular person initiatives.

Whereas metropolis officers are likely to agree on insurance policies that present added protections for tenants, progressive supervisors and the extra average mayor have butted heads over housing improvement.

Jason McDaniel, a political science professor at San Francisco State College and a YIMBY (Sure in my yard) housing advocate, mentioned owners are over-represented in political workplaces nationwide, in California and in San Francisco, the place the hole is particularly stark due to the sturdy renter citizens.

To seek out out about officers’ housing investments, The Chronicle checked out their statements of financial curiosity, referred to as Type 700s, which they’re required to file yearly by April 1.

Whereas the kinds embrace revenue from jobs, some investments, items and actual property, officers are allowed to report quantities in a broad vary — and so they aren’t required to reveal every thing. Officers should report shares invested in particular person corporations, however not mutual funds, for example, and the kinds don’t embrace private properties that don’t produce revenue.

To achieve a whole image of officers’ actual property holdings, The Chronicle used PropertyShark, an actual property information web site that compiles public property information, and an inner database of assessor information compiled for a earlier mission. Every official was contacted to verify possession particulars, together with for properties owned by corporations by which they had been a accomplice. Supervisor Catherine Stefani didn’t reply to verify what The Chronicle present in property information or establish every other actual property holdings not present in information.

This story doesn’t embrace property owned by members of the family of supervisors. The Chronicle isn’t publishing particular addresses on account of privateness issues.

Renters vs. owners

Out of the mayor and 11 supervisors, solely three — Breed, Supervisor Shamann Walton and Supervisor Matt Dorsey — are renters within the metropolis.

Breed, who grew up in public housing within the Western Addition, has rented for years within the Decrease Haight.

Dorsey mentioned he determined to lease as a result of he doesn’t have a household and didn’t wish to make the sacrifices concerned with buying a house.

“If something, it does give me a private stake in understanding the worth of lease stabilization,” he mentioned. “Particularly as I get nearer to retirement age, I wish to be sure I can keep in my metropolis.”

Walton, whereas a renter in San Francisco, owns a house in Vallejo, which property information present he bought for $430,000 in 2019. In response to questions final 12 months, Walton mentioned in a press release that “the cruel actuality is that I’ll by no means be capable of afford a house in San Francisco.” He mentioned he hoped to create generational wealth elsewhere.

Most supervisors personal one house within the metropolis valued between $1 million and $2 million, though not all have paid off their mortgages. Supervisor Hillary Ronen purchased partial possession of a Bernal Heights house in 2017 for $787,500.

Supervisor Aaron Peskin has held one in every of his present actual property investments since 1992, when he paid $30,000 for a partial stake in a property. He has absolutely owned his present house, now price an estimated $1.5 million in keeping with Zillow, since 2007.

Stefani’s house in Cow Hole is assessed by town to be price $2.2 million for property taxes. She didn’t affirm whether or not she is a full or partial proprietor.

Supervisor Dean Preston’s house, which he purchased close to Alamo Sq. for $880,000 in 1999, is now price essentially the most of any supervisor’s — a Zillow-estimated $2.7 million.

Preston, who labored as a tenants’ rights legal professional, mentioned one in every of his greatest focuses as supervisor has been creating reasonably priced housing and giving individuals the identical housing stability he enjoys. He mentioned he doesn’t agree with Proposition 13, a California legislation that has stored property taxes low for long-term owners in addition to industrial landlords, and would “completely” be keen to be taxed extra.

Preston mentioned he additionally owns a 50% curiosity in a family-inherited seaside property in New York state.

Who’s a landlord?

Peskin rents out three properties in his district. Every is estimated to be price greater than $1 million and introduced in between $10,000 and $100,000 in rental revenue final 12 months. YIMBY critics have argued that Peskin’s proposals, akin to for extra lease management, damage housing manufacturing, which he disputed.

“I’m most likely essentially the most pro-tenant landlord that has ever been a member of the Board of Supervisors,” he mentioned. “My voting report from the times of being a tenant to being a house owner to the times of being a landlord are the identical.”

Supervisor Myrna Melgar additionally has actual property investments — each in San Francisco and in her native El Salvador. She mentioned she joined with a gaggle of pals to buy a warehouse within the Mission the place her buddy lives and runs an organization. The buddy additionally rents it out for occasions.


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