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Rental proposals

From: John Worthing <"John>
Date: Mon, 11 Feb 2019 15:12:06 -0800

To the Mayor and all Council members: Although I do not own any apartments
in Menlo Park, I write to you as an owner of rental property for over 40
years. Many of my units are in San Jose which has had rent control since
1994. Since 1994 San Jose has nearly doubled its' rental stock and enjoyed
relatively few problems under the rent control ordinance. And with all that
said, San Jose rents are among the highest in the United States. In the
past year, San Jose has modified the rent control ordinance and made it even
more strict. The result, rents continue to escalate.

 

What many fail to realize is that the exorbitant rent increases people rant
and rave about only happen in a handful of buildings and typically it comes
when tenants have enjoyed very low rents for a long time. Most owners seek
to keep their buildings full and have few, if any problems. They do this
by keeping their rents at a modest level. What rent control brings is a
heightened importance of rental increases by the owners. They figure they
have to raise rents every year because if they don't they'll lose the
opportunity. In reality, rent control works against the very people it is
trying to protect. Many owners go from passive to aggressive. Thus when you
look at the highest rent rate cities in the USA, you'll see they all have
rent controls.

 

Another thing to consider is that rent control puts a significant burden on
the city to monitor rents and become involved in tenant disputes. Before
you know it you have a new committee and more people on the payroll. I'm
not sure Menlo Park needs this. Most owners I know in Menlo Park are not
raising rents through the roof. Rent control will not build more badly
needed inventory and in fact Rent Controls of any kind make building less
attractive. What you need is more inventory of units which is a difficult
proposition under your current restrictive building height guidelines.

 

Please take a deep breath and pause on this matter. It is very serious and
you are steering the ship in an administrative heavy direction with any type
of rent control. Your hearts may be telling you rents are too high but your
head has to tell you that the proposal on the table will benefit very few
and endangers much. I strongly urge you not to pass the proposal on the
table.

 

Lastly, I would thoroughly enjoy talking to anyone about this matter.

 

John L Worthing

Worthing Capital

845 Oak Grove Ave. Suite 105

Menlo Park, CA 94025

650 327-6677

650 327-6699 (fax)

 
Received on Mon Feb 11 2019 - 15:08:28 PST

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