Are condos in Oakland exempt from Rent Control?

[Arnuv H.]

Hi All,

I am a newbie here and is interested in investing in Oakland. I am seeking help with the following questions regarding a property i am considering to put an offer:

1. Are condominiums in Oakland exempt from Rent adjustment program?

I am new to this so not sure how to verify this. I was provided with this by the seller: 

If you go to the Oakland rent board website you do see that Condos are exempt from rent control, but you can only raise rent every 12 months. http://rapwp.oaklandnet.com/issues/exemptions/

2. The property I am looking at has a tenant on month to month base lease and had their yearly rent increase this year. So I assume I cannot increase rent when I buy the property till next year.

However, the seller is suggesting that since it is a condo it is not under rent control and a new owner can increase the rent to the market value. However, per the seller, there is an eviction control on condos.

I think the property has potential if they current tenant can be evicted. My strategy is to next year increase the rent to the market value so if the tenant cannot afford they leave or if can we will sign a new contract.

Can you please all give me some feedback if it is even possible or i am getting into a bad deal. Appreciate your help.

Thanks.

Thanks,

Asm