Judge blocks San Francisco law on huge compensation to tenants
He says it crosses line between legal government regulation and a money grab
San Francisco
SAN FRANCISCO'S first-in-the-nation law requiring property owners to pay evicted renters as much as hundreds of thousands of dollars to leave their units was struck down by a judge who said that it "crossed the constitutional line" between legitimate government regulation and a money grab.
In a city that faces an affordable housing crisis with average rents of US$3,100 for a one-bedroom apartment, the unprecedented ordinance would require one multi-unit property owner to pay more than US$1 million to tenants being legally evicted from 13 units, according to a federal judge's ruling on Tuesday in a lawsuit challenging the measure.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Luxury private home rents jump in Q1 amid wider market slump: Huttons Asia
Evictions surge in Arizona with housing shortage and rising prices
China property shares firm after Politburo highlights clearing inventory
Dubai billionaire’s children plan to revive troubled world islands
UK commercial real estate lending plunges to lowest in a decade
Hybrid, flexible working set to curb Singapore office usage and rents