pages: RentReviewAdvisoryCommittee/2017-09-06.pdf, 5
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RentReviewAdvisoryCommittee | 2017-09-06 | 5 | Draft Minutes September 6, 2017 Committee members asked questions regarding the profit and loss statements, landlord's alternative income sources, capital reserve practices, and maintenance concerns. Committee members facilitated dialogue between parties. Tenant and landlord reached an agreement for a $130 rent increase effective October 1, 2017 with $65 delayed until April 1, 2017. 7-D - CASE 920 - 1625 Santa Clara Ave., Unit 3 Proposed rent increase: $115.00 (10.0%), to total rent of $1,265.00 No Committee review. Prior to the RRAC meeting, the tenant and landlord reached a mutually agreeable arrangement of a $115.00 (10.0%) rent increase. 7-E - Case 921 1625 Santa Clara Ave #4 Proposed rent increase: $ 120.00 (9.8%), to total rent of $1,345.00 No Committee review. The tenant did not attend the meeting. The rent increase will become effective as stated in the notice. 7-F. CASE 926 - 1305 Webster St., #C-209 Tenant: Max Langaard, Felicie Standley Landlord: Stefan Galvez and Natalia Aurrecaechea Proposed Rent Increase: $1,100 (78.6%) to a total rent of $2,500, effective September 1, 2017 Third-party rent decision: advisory only Natalia Aurrecaechea stated they are small property owners who purchased the unit as a retirement investment. She noted there are risks in owning property and market uncertainty is placed on the landlord. She indicated that in the last 6 years between $6,000 and $7,000 has been invested in the unit. The rent increase is related to increased living costs, below market rent, and their family will be increasingly relying on the rental income because Mr. Galvez is retiring. She stated they have been working with their tenants to come to some agreement. At present, the she has adjusted the offer to $2,100, which she believes is on the lower end of comparable market rate units. The landlords acknowledged that Max Langaard and Felicie Standley are great tenants and they do not want to see them move out. The tenants indicated they would be accept a $400 rent increase to $1,800. Max Langaard stated they have had a great relationship with their landlord. However, the last several months have been very stressful because the landlords are asking for a rent that would require them to vacate their home. He explained they agreed to a rent increase last year of more than 5% to avoid the RRAC process. It was their understanding that the 2017 rent increase would be modest because they had agreed to more than 5% in 2016. They were surprised by the Page 5 of 7 | RentReviewAdvisoryCommittee/2017-09-06.pdf |