News Briefs

High-End Tics

It’s not just tenements that are doing Ellis Act evictions to generate more revenue. One of the messier fights is taking place at the swanky Park Lane apartments on Nob Hill (1100 Sacramento). There, 10 holdout tenants are resisting efforts of the building’s owner to evict them under the Ellis Act and avoid paying the higher penalties required under heightened regulations.

Flynn Investments purchased the building in 2011 for as much as $35 million; it has sunk tens of millions into the building for renovations, and has already sold 15 for anywhere between $2 and $4 million, reports the San Francisco Business Times. According to new city rules as of June, evicted tenants could receive the difference between their current rent and what they would pay for an equivalent unit for up to two years.

The case is expected to be heard by a judge on Oct. 6.

Send to a Friend Print