In rent-control cities, it is not unusual for landlords to pay tenants to leave. If you believe they plan to move, anyway, then you might try calling their bluff. When they retire, lots of people move to less expensive communities. If they have offered to move in exchange for a payment and you refuse, they'll just keep living there.
Figure out how much you could really rent the apartment for. Not a guess. Find out what the rent is for comparable units in your neighborhood which have been newly rented recently. How much more money would you make if you could lease this unit for that rent for one year, two years or three years? Maybe it's worth a year or two of the increased rent in order to get these tenants out and a new tenant in, paying the higher rent.
No, rent control laws do not differentiate between poor, well-off and rich tenants. Your taxes go up only 1% per year, pursuant to Proposition XIII. I am not an expert on rent control. If your insurance premiums have really gone up faster than the approved rent increases, then you might be able to petition the rent control board for an additional increase. If the process is not simple enough to do yourself, the increase might not be worth enough to pay an attorney to do it for you.
If you appreciate this free advice, please remember to refer me to your friends and acquaintances with problems or questions. Referrals are till our best source of new clients.
Dana Sack
Answered on Mar 19th, 2017 at 1:07 PM