Mid five-figure offers for tenants to vacate rent-controlled apartments are not uncommon in San Francisco. And even six-figure offers have been made (and accepted).
A couple of questions from a reader with respect to said buyouts, questions which we’d be willing to bet are based on more than idle curiosity:
“Does anyone have information on how buyouts should be split among several roommates? Are there ordinances governing that? I’ve heard of Master Tenants keeping everything or splitting it according to how long each roommate has lived there. Should it be split evenly?”
With respect to any ordinances governing the distribution of buyouts, there are none (and in fact, San Francisco’s new law to regulate buyouts in general is being challenged in Superior Court).
We’ll let you debate whether or not it’s appropriate for a master tenant, as the one with the lease/option which is being acquired, to keep it all. And if not, how you think a buyout should be shared.