Prop 10–raise rent in anticipation?
I own a condo in Oakland that I rent out; I have a long-term tenant paying rent a good deal below market. i was going to give her notIce of a 5% increase.
However, prop 10 has me worried about vacancy control. Should I do a significant bump to align the rent more with market before the city drops the hammer? I don’t want to because my tenant is older (and a single person in my unit, so a pretty low maintenance tenant)—and I’m not sure she can afford it, but I don’t want to be screwed when she leaves.
Thoughts on how Prop 10 will play out?
Thanks!