By Andrew Dyer / KPBS / August 1, 2024 a
Rents are down slightly from this point last year, according to Rent.com, but that doesn’t mean they’re affordable. Average rent for a studio apartment in San Diego is more than $2,300. For a two bedroom the average raises to $3,700.
The San Diego County Board of Supervisors is trying to tackle the issue with a new initiative looking at the impact private equity is having on housing costs. The board approved a series of actions at a meeting July 16. The county wants to know exactly how many condos, townhouses and single-family homes are owned by commercial entities and in what part of the county they’re in.
It also looks at whether there’s a legal remedy — litigation — to pursue against corporate landlords in response to allegations of price-fixing, price-gouging and tenant harassment.
District 3 Supervisor Terra Lawson-Remer said at the meeting the actions are necessary because of the effect it’s having on prices.
“(They’re) buying up vast numbers of homes, driving up prices and making it nearly impossible for local families to afford housing,” Lawson-Remer said. “We’re talking about mega corporations, global corporations, private equity firms … we’re not talking about small mom-and-pop investors.”
Representatives for local property managers spoke against the measure, saying it was a waste of county resources and that there are already regulations on the books to deal with unfair and illegal pricing and tenant treatment.
Private equity firm Blackstone is the target of much of this critique. The firm acquired about 5,600 local rental units in 2021 and, according to tenant union the Alliance of Californians for Community Empowerment, has raised rents significantly since.
Blackstone told KPBS it charges tenants, on average, 20% less than the San Diego market average.
Is Blackstone an apartment owner or a SFR owner? I’ve noted Lawson-Remer’s conflict on this here previously bc this is two different things.
Why don’t you politely call her office and then let us know what their response is?
bc I’m commenting the discrepancy of the story to all.
And is it the way the story was written? Or was it due to he supervisor? Haven’t figured that one out yet.
I am a 75 year old veteran with disabilitys and I pay 1650,00 to live in pt Loma rentals keep going up and it is not easy to find a decent place to live anywhere, been waiting for sexen 8 to kick in after 15 years still nothing. Would love to find a mini house to have but no place to put it. Hard to live on ss.
blackstone can charge 20% below the market rate and raise rents 10% year over year.
wages might increase 1% to 3% yoy.
food costs increase, electric rates increase 1% to 6%, while water might see 5% to 7% yoy.
child care costs – yep. what else? get out the abacus.
who pays that difference(s)?
guess.