Editor,
The Aug. 18 article about the apartment building in San Mateo where renters received $1,000 increases while living with pests and mold should finally put an end to the California Apartment Association’s and San Mateo County Association of Realtors’ lie that landlords only take care of their property when there is no rent stabilization. Only good landlords take care of their property — come rain or shine.
The owner of this building, a former Foster City mayor and well-known attorney, stated he has owned the property for 40 years. If this is true, he has benefited from a 40-year-old property tax basis and Proposition 13 tax relief for all of these years, yet he is not passing that huge savings on to his tenants, and doesn’t maintain his building with the profits. Indeed, many other landlords have profited handsomely from that tax relief, and their children and grandchildren as well, when property is handed down in the family.
Renters have few paths open to them to create and save wealth. They are subject to wild increases and poor living conditions because of the economic miracle that has turned into a nightmare for many. They don’t have subsidies like mortgage interest deductions or Proposition 13 tax relief. They don’t gain equity so they can send their kids to college or raise their living conditions. We need to take a long hard look at these institutional obstacles that are widening the gap between propertied and non-propertied people.
Cynthia Cornell
Burlingame
The letter writer is the leader of Housing for All Burlingame.
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(1) comment
Oh my! That last paragraph is just something. Please tell us about the risk capital that an owner places in an investment property and the liability issues that surround property ownership let alone owner responsibility in the event of a calamity? How come none of that is ever mentioned by the author? Once again an emotional ploy versus a logical letter. The way to gain equity is to buy something but that doesn't guarantee equity just the opportunity for growth. There are numerous property owners that take excellent care of their investments. Your letter Cindy is an attempt at a blanket statement using this is particular instance an example that is prevalent throughout the state. That is just not true.
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