When Affordability Expires: The Battle Over Covenant Housing Contracts

THIS WAS POSTED TO LET FOLKS IN FLORIDA KNOW THAT THEIR STATE IS INVOLVED IN SOME OF THE RISING RENTS IN OTHER STATES, AND WHAT CAN BE DONE ABOUT IT. SIGN THE PETITION IF YOU LIKE:

Change.org 

zRants

By Noah Arroyo : sfweekly – excerpt

Maria and Michael Moustakis have lived in their South Beach home for 15 years. At $2,000 a month, their two-bedroom apartment is a bargain by San Francisco standards. But soon, the building’s owners could raise the rent drastically, leaving the Moustakises — and at least 100 other tenants — at risk of getting priced out.

“If they raise the rent, it will be $5,000,” Maria says, alluding to the price her neighbor pays for an identical market-rate apartment down the hall. “We can’t pay that.”

The Moustakises are in their 50s, and like many tenants in South Beach Marina Apartments at 2 Townsend Street, they barely earn enough to stay afloat in San Francisco’s cutthroat housing market…

The Florida State Board of Administration, which manages the investments of that state’s Retirement System Pension Plan (assets totaling $183 billion), owns the South Beach building…

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