High Rentals

Scary-high rents are pushing us out of the Bay Area.

This past year has changed the lives of so many renters in the Bay Area since the tech companies have taken over. 

Corporations owning huge apartment complexes are jacking up the rents so high just because they can - they don't give a damn about we, who have lived here for many years and worked in the jobs that help keep the Bay Area going. 

We deserve a decent place to live without being gouged for high rents that we can't afford and will have to leave this area. People who own duplexes are jacking the rents up too high too. Who is going to cut their hair and clean their houses and gardening? Does any one care out there? 

Greed is driving people like me away from a life of living here after 52 years. Where am I going to go? I can't start over somewhere else at this point in my life. 

Please help! I know these owners want to make all the money they can, but where does it stop? Do they understand that most of us can't afford to live here because of this greed?

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Cliff Keith February 05, 2013 at 07:28 AM
Linda the above post of mine was meant for you. I haven't got this Patch thread thing figured out yet. As far as the developments being required to provide housing on their developments/ campus is a brilliant idea. This is something that needs to be address at the planning and city counsel stages of our City government. With workers being close to work they can walk, ride their bikes, or Pogo stick to work everyday with ease. Low impact on the environment, traffic flow, and housing costs. Stanford does it for their Professors so why shouldn't Facebook?
Sarah H. February 05, 2013 at 07:46 AM
The solution is to buy a home? In this city/county? In this lending climate? In this still-fragile economy? Yes, interest rates are at an all-time low. But, the amount of down-payment required, and the need to have all the picture perfect credit scores and precise income ratios is terribly daunting to a long-time renter who may have very little in terms of a down-payment or may have a "moderate" or below income. And if one wants to stay and purchase a home in this area, they are looking at a half-million plus for a tiny run down "starter" home in a questionable neighborhood. Perhaps buying a home in a depressed area far from the bay area and commuting in may work for some, but for others who want to say or who may have kids in the school system and are faced with being priced out, the atmosphere in the rental world is very scary indeed.
Cliff Keith February 05, 2013 at 06:05 PM
Sarah H, You may be right about what you said for a family with children living in Redwood City. If you believe that then it is in fact true. My comment was for Linda who indicated she wanted a cottage or small duplex. I believe she does not have school age children to worry about and really only want a basic element of life…shelter. Today on MLS Broker’s Tour there is a condo in San Carlos, off of Crestview Dr. at 3295 La Mesa Dr. #3 (Good safe area). It’s a one bedroom, one bath, with a 1 car carport and is listed for sale at $299,000. It seems Linda may fit into this home nicely based on the criteria she mentioned in her posts. So what would it take for Linda to buy this condo provide she liked it? I have crunched the numbers and this is the best ESTIMATE for purchase of this home. End of part 1 of 2 on this topic...
Cliff Keith February 05, 2013 at 06:10 PM
Please just listen to the “music” not the individual “notes” as this is only an ESTIMATE and a mortgage consultant would be able to give a more precise ESTIMATE. I am assuming Linda is debt free, has a job making at least $46K/ year, and has a FICO score above 670. This ESTIMATE is based on a FHA loan with 3% down ($8,970), 30 year fixed rate loan, no points, at the current rate of 3.25%. Monthly costs: $1,262 - Principle and Interest $ 300 - Taxes $ 40 – Insurance (ALL FIGURES ARE ESTIMATE ONLY) $ 300 - Mortgage Insurance Premium (M.I.P.) $1,902 = Total P.I.T.I. and M.I.P.* *This ESTIMATE doesn't include the Home Owners Association Dues or any additional costs such as inspections or a home protection packages. For Linda it may be possible for her to get out from under her landlord’s thumb. For you Sarah that may be a different story. I don’t know. There are other ways to buy a home beside the method mentioned above. Lease option is one way. Joining or starting an investment club who sole purpose is to buy homes low, fix them up, and sell high until all the members have their own homes. The real estate market in Redwood City has been one with an upwards trend. Read what has happen the past 10 days in Redwood City. Go here for an explanation: http://SFBayHomes.com. End of 2 of 2
Cliff Keith February 05, 2013 at 06:20 PM
I forgot one thing. The tax savings would be approximately $2,600/year off her gross income or a $217 per month savings putting her real monthly PITI and MIP at $1,702. One again these figures are only ESTIMATES. (After 37 years in the business I know I am pretty darn close though.) Speak with your accountant or CPA for your accurate number.


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