Crisis? What crisis?

Downe Burns: Calico Reasons 3.

Cato Institute's Marc Joffe discovers that Parkmerced, a 3211-unit housing complex near San Francisco State University, has seen its occupancy fall from 94% in 2019 to 79% today. New tenants are being offered up to $2,400 in lease incentives. "Do we really have a housing crisis in SF?" Joffe wonders, on X.

Park Merced Lease Offer

FULL TERMS & CONDITIONS:

 Limited Time Offer:

Between October 12, 2024 and October 28, 2024, qualified prospective new applicants (“Applicant”) may be eligible to receive the benefit of the following offer (the “Offer”):

• $100 off of rent for one-bedroom units and two-bedroom units, if Applicant applies for and is pre-approved to rent a unit at Parkmerced prior to their tour of Parkmerced; or $200 off of rent for a three-bedroom unit, if Applicant applies for and is pre-approved to rent a unit at Parkmerced prior to their tour of Parkmerced; and/or

• $100 off of rent for one-bedroom units, two-bedroom units, and three-bedroom units if Applicant signs a lease agreement on the same day as their tour of Parkmerced.

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In order to be eligible for the Offer, Applicant must be a natural person and cannot be any corporate entity. Leased apartment or townhome must not be used for non-tenant use. Offer is based on availability.  Offer will go into effect on September 19, 2024 and continues through September 30, 2024 and is subject to limited availability. Offer is non-transferable and any onward redistribution, sub-letting or relisting is strictly prohibited.  

To qualify for the Offer, Applicant must be: (i) a first-time potential tenant for a Parkmerced high-rise apartment or townhome; (ii) a natural person with an approved credit score of 600 or higher; and (iii) otherwise meet the criteria for a lease with Parkmerced. In order to be eligible for the Offer, Applicant must provide Parkmerced with proof that Applicant qualifies for this discount with their application.  Offer is not available to: (i) current residents who are in month-to-month leases, (ii) current residents living in a unit with an account in arrears, (iii) any person who is a director, officer or employee of Parkmerced, or its parent, subsidiaries or affiliates, (iv) a prior resident at Parkmerced who vacated Parkmerced within the past twelve months, or (v) individuals who are or purport to be immediate family members (i.e., biological or step-mother, father, sister, brother, daughter, son or dependent or spouse) of any person in the preceding category, regardless of where they live, or who reside in the same household as any person in the preceding category. Offer is limited to one (1) per lease (i.e., each apartment or townhome may only take advantage of one offer). Offer is not eligible to be combined with any other offers.

Read the whole thing here.

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Related:

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• SF case study: More affordable housing requires buy-in from private sector

• SF Housing Dept audit reveals startling lack of oversight

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