SF Apartment Magazine December 2024

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SF APARTMENT

VOLUME XXXV, NUMBER 12

DECEMBER 2024

San Francisco Apartment Association Office

265 Ivy Street

San Francisco, CA 94102

Tel 415-255-2288 Fax 415-255-1112

Email memberquestions@sfaa.org Web www.sfaa.org

SFAA Staff

Executive Director Janan New

Deputy Director Vanessa Khaleel

Education Specialist Stephanie Alonzo

Government and Community Affairs Charley Goss

Marketing Lara Kisich

Member Services Gershay Castaneda

Member Services Maria Shea

Accountant Crystal Wang

SFAA Officers

President J.J. Panzer

Vice President Robert Link

Treasurer Chris Bricker

SFAA Directors

Eric Andresen, Oz Erickson, Craig Greenwood, Neveo Mosser, Bert Polacci, James Sangiacomo, Kent Mar, Dave Wasserman, Paul Gaetani

Published by

San Francisco Apartment Association

Publisher Vanessa Khaleel

Editor Pam McElroy

Art Director Jéna Safai

Production Manager Stephanie Alonzo

Tel 415-255-2288

Web www.sfaa.org

SF Apartment Magazine (ISSN 1539-8161) Periodicals Postage Paid at San Francisco, California and at additional mailing offices. POSTMASTER: Send address changes to the SF APARTMENT MAGAZINE, 265 Ivy Street, San Francisco, CA 94102.

The SF Apartment Magazine is published monthly for $84 per year by the San Francisco Apartment Association (SFAA), 265 Ivy Street, San Francisco, CA 94102. The SF Apartment Magazine is not responsible for the return or loss of submissions or artwork. The magazine does not consider unsolicited articles. The opinions expressed in any signed article in the SF Apartment Magazine are those of the author and do not necessarily reflect the viewpoint of the SFAA or SF Apartment Magazine. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting or other professional services. If legal service or other expert assistance is required, the services of a competent person should be sought. Acceptance of an advertisement by this magazine does not necessarily constitute any endorsement or recommendation by the SFAA, express or implied, of the advertiser or any goods or services offered. Published monthly, the SF Apartment Magazine is distributed to the entire membership of the SFAA. The contents of this magazine may not be reproduced without permission. Publisher disclaims any liability for published articles. Printed by Printing Partners Copyright @2024 by SFAA.

SFAA Vacancy Victory

San Francisco court strikes down controversial Residential Vacancy Tax, providing major relief to property owners.

In a major win for property owners, the San Francisco Apartment Association (SFAA) has successfully challenged the City’s controversial Residential Vacancy Tax in San Francisco Superior Court. On October 31, 2024, Judge Charles Haines ruled in favor of SFAA, striking down the tax on constitutional grounds and rendering the measure void—at least for now.

The Residential Vacancy Tax, passed by San Francisco voters in November 2022, purported to address the city’s housing crisis by penalizing owners of vacant residential units. Under the measure, property owners would have been taxed if their units remained vacant for 182 days or more within a year. With penalties ranging from $2,500 to $20,000 per unit depending on its size and vacancy duration, the tax aimed to incentivize property owners to either rent out their units or face financial consequences.

However, SFAA and other housing groups, including the San Francisco

Association of Realtors and the Small Property Owners of San Francisco Institute, argued that the tax violated property owners’ constitutional rights, including the Takings Clause, Substantive Due Process, and Equal Protection. In addition, the plaintiffs contended that the measure violated privacy rights and was preempted by the state’s Ellis Act, which allows landlords to remove units from the rental market under certain circumstances.

The Court sided with the plaintiffs on all counts, striking down the tax. The ruling provides immediate relief for rental property owners, particularly as the city had planned to implement the tax by April 2025. As it stands, the tax is no longer in effect, and property owners will not face the hefty fines once expected.

While this decision marks a significant victory, the battle is far from over. The City Attorney’s office has already signaled its intent to appeal the ruling, which could prolong the legal proceedings and add substantial costs. SFAA

has estimated that the appeal process could run into several hundred thousand dollars, and contributions to the SFAA Legal Fund are now crucial to ensure the organization can continue defending property owners’ rights.

The immediate financial impact of this legal victory is substantial. According to City estimates, property owners would have faced an estimated $9 million in taxes in 2024 alone. With the tax now nullified, these funds will remain in the hands of property owners, providing crucial relief amid the city’s ongoing housing challenges.

Though the ruling is a cause for celebration, SFAA urges all property owners to remain vigilant. With the City’s appeal pending, there is still work to be done to ensure this victory stands. SFAA encourages members to continue their support through donations to the Legal Fund, which can be made online or by check written to SFAA Legal Fund.

This court victory serves as a reminder of the importance of collective action and legal advocacy in protecting property rights. As the appeal process unfolds, SFAA will remain committed to standing up for the interests of rental property owners throughout San Francisco, advocating for policies that balance the city’s need for more housing with the rights of those who provide it.

For more information on how to contribute to the SFAA Legal Fund, visit sfaa.org or mail your donation to:

SFAA Legal Fund

265 Ivy Street San Francisco, CA 94102

Allison

CALL FOR SUBMISSIONS: “TALES FROM THE CORRIDORS”

Do you have a story that has your colleagues in stitches? Ever experienced a housing industry escapade that’s too wild to keep to yourself? A lesson you learned that we can all heed? We want to hear from you!

SF Apartment Magazine is excited to announce a new quarterly column: “Tales from the Corridors.” This is your chance to share the funniest, craziest, or most outlandish stories from your life as a property manager or other industry professional. Whether it’s a hilarious mishap, a jawdropping encounter, or an unbelievable tale, we want to showcase the unique and entertaining experiences that not only amuse but also offer valuable insights to our community.

SUBMISSION GUIDELINES:

Word Count: Stories should be between 300-750 words.

Tone: Lighthearted, humorous, engaging, and informative.

Anonymity: If preferred, we can publish your story anonymously—just let us know.

How to Submit: Email your story to pam@sfaa.org with the subject line “Tales from the Corridors Submission.” Please include your name, contact information, and relevant details about your story.

Selected stories will be featured in our quarterly publication, giving you bragging rights and a chance to entertain and educate fellow housing professionals across the city.

If you have any questions, please email Pam at the above address. We can’t wait to hear from you!

Stay tuned for updates as this case progresses and further developments unfold in San Francisco’s ongoing housing debate.

SFAA 2025 Tenancy Agreement

The SFAA lease committee and attorney panel are working tirelessly to review and update SFAA’s Residential Tenancy Agreement for 2025. If there are existing or new lease items you’d like the committee to consider, email Charley Goss at charley@sfaa.org.

Transitioning from printed leases to electronic leases has a variety of benefits—and we encourage you to make the change! E-leases streamline operations, enhance the tenant experience, and ultimately prevent landlords from future headaches.

E-leases offer a convenient and paperless process, allowing landlords to draft, share, review, sign, and access leases online. This eliminates the need for physical paperwork and reduces the risk of lost or damaged paper leases.

Eletronic signatures allow landlords and tenants to sign agreements remotely, eliminating the need for in-person meetings and accelerating the leasing process. This is particularly advantageous for attracting and accommodating tenants relocating from different areas, or those with busy schedules.

Not to mention, moving to e-leases reduces paper consumption, ink usage, physical filing systems, and transportation-related carbon emissions.

Credit Reporting—AB 2747

California now requires landlords to offer positive credit reporting to their tenants who make timely payments. AB 2747, sponsored by Assemblymember Matt Haney, is intended to help renters build credit, where their rent payments are commonly their largest financial obligation every month, but one for which they previously did not build stronger credit.

Under AB 2747, landlords will have to offer their tenants positive credit reporting to a nationwide consumer reporting agency no later than April 1, 2025, and once a year thereafter. The offer must include the following information:

• A statement that reporting of the tenant’s positive rental payment information is optional;

• Identification of each consumer reporting agency to which positive rental payment information will be reported;

• The amount of any fee charged the landlord incurs to report the credit information (which the landlord can pass through to the tenant in an amount not to exceed $10/month);

• Instructions on how to submit the written election of positive rental payment information reporting to the landlord by first-class United States mail or email;

• A statement that the tenant may opt into positive rental payment information reporting at any time following the initial offer by the landlord;

• A statement that the tenant may elect to stop positive rental payment information reporting at any time, but that the tenant will not be able to resume positive rental payment information reporting for at least six months after the election to opt out;

• Instructions on how to opt out of positive rental payment information reporting;

• A signature block that the tenant shall date and sign in order to accept the offer of positive rental payment information reporting.

AB 2747 has no provision for reporting negative credit information. Though it does note certain justifiable reasons for

Rent Control Roulette

written by JUSTIN A. GOODMAN

How shifting laws and market changes shaped the rental industry this year (and will in years to come).

This has been a year marked by uncertainty.

Internationally, we have heartbreaking conflict with a horrible human toll. Economically, we’ve held our collective breath to see if our landing is soft or if we fall into recession. We’ve all been waiting for the rental market to recover from the pandemic dip. And this has led to much anxiety amid so much legal uncertainty.

After having to educate ourselves on several dozen propositions, one from 2022 just made its way through the trial court. Proposition M (2022), the residential vacancy tax, sought to impose a price for keeping dwellings unrented. A vacant rental unit is an oxymoron: an asset that is not being put to its best use. But there are many reasons an owner might want to keep their property to themselves. In a down market, a landlord may want to wait for an upswing. An owner may also want their family near, allowing occupancy without charging a rent f or familiarity.

The penalty for vacant units, already significant, was bigger for larger units. It would double each year for up to three years of vacancy before leveling off. The tax had some common-sense exemptions (like timely completing permitted work), but the only way to

really stave off the penalty—the intention of Prop. M—is to put a tenant in the unit. Property owners could not even avoid the tax if a family member resided in their property!

And if state-coerced renting weren’t daunting enough, the vacancy tax would have compelled renting in a soft market. This year’s Proposition 33 threatened vacancy control. Recalling how we got here: In the late 1970s/ early 1980s, several California cities adopted rent control. A handful adopted “vacancy control,” which meant that when the “base rent” was set, price controls applied to the unit even after tenants voluntarily vacated.

In the mid-1990s, Sacramento responded to the spread of this strict rent control by enacting the Costa-Hawkins Rental Housing Act. This balanced approach to rent control did several things, including exempting condos and single-family homes, exempting new construction, and decontrolling units when the last “original occupant” vacated. Proposition 33 was the most recent of several attempts by a Los Angeles-based tenant rights advocate to repeal Costa-Hawkins. His efforts have taken different forms over the years. But this one not only would have repealed Costa-Hawkins but also would have prevented state-level efforts to regulate rent control going forward.

Shortly before our mayoral election, Supervisor (and Mayoral candidate) Aaron Peskin advanced an ordinance that would subject all rental units built through Election Day 2024 to rent control. (Previously, units with a certificate of occupancy issued after June 12, 1979 were exempt from rent control as “new construction,” the policy being that rental housing law should promote new development with market-rate rents.) The Board tempered, and Mayor Breed signed a version of the law that merely extended rent control to units built before June 13, 1994. While Costa-Hawkins would keep laws like this at bay, the passage of Proposition 33 would have waved forward laws like this.

This was perhaps a moderate and sensible change to rent control law. (A building built in 1980 is hardly “new construction,” and a 2019-era, statelevel rent control law [AB 1482] has a rolling “phase-in” date for this exemption to afford fair rates of return, only for so long as decontrol is necessary to promote development.) This exemption was only one of the features of Costa-Hawkins. Then-candidate (now Mayor-elect) Daniel Lurie pledged to veto an attempt to adopt vacancy control, but Proposition 33 could have swept away these essential protections and waved forward efforts to dismantle the protection of market-rate rent in all contexts. Without Costa-Hawkins, it would only have been a matter of time.

State-level protections are essential in protecting property owners from political whims that attempt to mitigate our housing crisis by sacrificing property rights. The most recent Rent

Board report on eviction levels shows a 33% year-over-year decrease. And yet, in 2022, San Francisco imposed a ten-day waiting period before landlords could serve their “three-day notice to cure or quit” before accessing the courts for a fault-based eviction.

I write this in mid-November. My exceedingly patient editor granted several extensions to afford me the benefit of election results. All year, I’ve been waiting for some kind of resolution—either way—on any of these ground-shifting changes in law so I could finish this column. The ten-day notice” ordinance was enacted in 2022. SFAA led the challenge (as it often does) against this violation of state procedural law, but the challenge took years to navigate the judicial system. And it took those two years for the Court of Appeal to rebuke this overreaching violation of state procedural law. SFAA’s challenge invalidated this procedural barrier in 2022 as to non-payment of rent only, as the trial court saw itself bound by existing law on other just causes. It wouldn’t be until the fall of 2024 before the Court of Appeal found the ordinance entirely invalidated as preempted by California’s unlawful detainer statutes.

Meanwhile, housing providers waited anxiously to find the fate of the vacancy tax. Passed in 2022, the first year of “compliance” was 2024. Our industry didn’t know whether to cut rents to attract occupants just to avoid the penalty. Those “market rate” rents might very well have been “forever rents” if we lost CostaHawkins. But after Prop. M haunted us for two years, this Halloween, the Honorable Judge Haines invalidated the tax. He ruled that compelling property owners to enter a market they don’t want to participate in was an unconstitutional taking, a violation of privacy rights, and preempted by the Ellis Act.

Fortunately, Proposition 33 failed. The inversion of California rent control law would have transformed our industry. Investment depends on predictability and the rule of law. Proposition 33 would have rattled long-held expectations on

how to operate and maintain rental housing. Daunting though it may have been, Proposition 33 lost by a bigger margin than the two efforts that preceded it.

Anxiety typified our 2024. By July 1, a rental unit needed to have been occupied by a “bona fide lessee,” or it was subject to a tax. We were serving ten-day notices just to err on the side of caution. Otherwise, justified rent increase notices stood still as we awaited their fate.

As we close out this year, it’s clear that uncertainty will remain a constant in the rental housing industry. Legal battles, shifting regulations, and market unpredictability continue to shape our work; and while we can breathe a collective sigh of relief that Prop 33 failed, the future is far from clear. The law is always in flux, and our knowledge, though never exact, is continually evolving. But we’ve learned valuable lessons about resilience, adaptability, and the importance of staying informed. In this political and polemic industry, we do better when we understand the law and anticipate how it will change. We’ve navigated this uncertainty by le veraging what we know, and as we move forward, we must continue to be proactive and responsive.

By staying informed, adaptable, and united, we can better navigate the chal lenges ahead and ensure a fair and functional housing market—one that is increasingly shaped by the broader social and economic forces at play. While the road ahead may still be uncertain, our ability to anticipate change and respond strategically will determine how we thrive in the face of it.

The above content is general in nature. Contact a profes sional regarding your specific situation. Justin A. Good man is with Zacks & Freedman and can be reached at 415-956-8100.

Sublet Shuffle

written by VARIOUS AUTHORS

San Francisco’s evolving rent laws make subletting easier. Here’s what landlords need to know.

Q.A tenant has requested to sublet their unit while temporarily relocating for work. Our lease agreement restricts subletting, but the tenant insists they have the right under San Francisco rental laws. What are my legal rights and obligations, and how should I proceed?

A.Don’t fret about subletting! Since 1998, the City’s rent law has increasingly blessed subletting regardless of what a lease permits or prohibits. The first revision came during the “dot com” boom in the late 90s when the Board of Supervisors passed legislation to allow a one-for-one replacement of departing occupants. The roommate replacement law gives housing providers two choices: Either allow a remaining lessee to replace a departing roommate, or suffer a substantial rent reduction should the remaining occupant file a petition at the Rent Board for a decrease in housing services. The rationale was simple. Before this rule, owners with strict “no subletting” lease clauses could effectively force someone to give up their housing, as the remaining occupant would become entirely rent responsible without the ability to bring in a new roommate to help offset the monthly rent obligation. After 1998, you either had to allow a roommate replacement or reduce overall rent by

the percentage of what the departing occupant was obligated to pay.

About seven years later in 2005, the Board went a step further to permit residents to move members of their immediate family into an apartment even when the lease limited the number of occupants. To address overcrowding concerns, this right to reside with family members law made the following allowances: With the additional family member, the total number of occupants does not exceed the lesser of (a) two persons in a studio rental unit, three persons in a one-bedroom unit, four persons in a two-bedroom unit, six persons in a three-bedroom unit or eight persons in a four-bedroom unit; or (b) the number of occupants permitted under state law and/or other local codes (e.g., Planning, Housing, Fire and Building Codes).

Then, to finally put a stake through the heart of subletting restrictions, the Board in 2015 opened the floodgate to permit subletting to anyone, and the housing provider’s ability to say “no” is generally relegated to the following situations:

1. Where the owner resides in the same rental unit as the resident as a roommate;

2. Where the total number of occupants in the premises exceeds

the unit limitations described above under the right to reside with family members law;

3. Where the proposed additional occupant will be legally obligated to pay some or all of the rent and the proposed additional occupant is shown to suffer a lack of creditworthiness;

4. Where the landlord has made a timely request for the proposed additional occupant to complete the landlord’s standard form application or provide sufficient information to allow the landlord to conduct a typical background check, and the proposed additional occupant does not comply within five calendar days of actual receipt by the tenant of the landlord’s request;

5. Where the landlord can establish that the proposed additional occupant has intentionally misrepresented significant facts on the landlord’s standard form application or provided significant misinformation to the landlord that interferes with the landlord’s ability to conduct a typical background check;

6. Where the landlord can establish that the proposed additional occupant presents a direct threat to the health, safety or security of other residents of the property;

7. Where the landlord can establish that the proposed additional occupant presents a direct threat to the safety, security or physical structure of the property; and,

8. Where an additional occupant would require the owner to

increase the electrical or hot water capacity in the building, or adapt other building systems or existing amenities, and payment for such enhancements presents a financial hardship to the landlord, as determined by a Rent Board Administrative Law Judge after a hearing.

This author believes that it is unwise to use these criteria to thwart subletting requests. For starters, the long-standing advice of the industry is to not seek the application of or run the credit for new subsequent occupants, as doing so may impede the ability to re-set rent once all original occupants permanently vacate the premises. Two, under current fair housing guidelines, you are best served by not withholding consent unless there is an obvious red flag such as adverse eviction history or known behavioral problems. In sum, stop trying to control what you can no longer control, and instead keep your eyes open to identify instances where the original tenant is no longer permanently residing in the unit so that rent can be adjusted to market.

—Dave Wasserman

Q.I gave tenants a 60-day notice for a rent increase based on the Rent Board’s allowance. The tenants haven’t acknowledged the rent increase and have continued to pay the old amount. They haven’t responded to the emails I’ve sent them since. What are my next steps?

A. Effective March 1, 2024, the annual allowable rent increase percentage is 1.7%. This percentage is effective through February 28, 2025, at which time a new percentage will go into effect.

The percentage amount of increase is based on 60% of the increase in the Consumer Price Index for All Urban Consumers in the Bay Area. The increase is calculated on the tenant’s base rent only. Landlords should not include

temporary passthroughs in the rent increase calculation.

But before you start serving nonpayment of rent notices on your tenants for failing to pay the new rent, you need to check the work you did on your rent increase. If you missed any steps, your rent increase is invalid and cannot be enforced. You might have to start over.

You can only demand a legal rent. Your tenant might already know that you made a mistake regarding the rent increase. They are waiting for you to evict them in court, where your mistake would be a defense to any nonpayment of rent.

First, make sure that you obtained a rent increase license before you served the rent increase notice. Licenses are available online from the Rent Board Housing Inventory and Fee Portal ( portal.sfrb.org).

Second, double-check your math on the rent increase calculation. To calculate the dollar amount of the 1.7% annual increase, multiply your tenant’s base rent by .017. This formula will give you the amount of the increase to be added to the base rent. Round down and not up!

Third, make sure that you didn’t impose the increase too soon. A landlord can impose the first annual increase twelve months after the date the tenant’s lease began.

Once you increase a tenant’s rent, the date of the increase becomes known as the tenant’s “anniversary date.” You cannot increase the rent again until at least twelve months later. If you increase the rent more than twelve months later, the effective date of the increase becomes your tenant’s new anniversary date. You must then wait at least twelve months to increase the rent again.

Fourth, use a proper rent increase notice form. One is available from SFAA (sfaa. org). The notice should include the dollar amount of the increase, the percentage amount of the increase, and the date the increase will go into effect.

Fifth, for the rent increase to become effective, you must either personally deliver the notice to the tenant or mail it by certified mail. If the notice is mailed, an additional five days must be added to the effective date of the rent increase.

For rent increases of 10% or less, you must give a 30-day notice, but for increases over 10%, a 90-day notice is required. Use the permitted percentage increase that will be in effect on the date of the increase, not the percentage in effect on the date you served the notice.

As you can see, rent increases in San Francisco are complicated. Some say more so than rocket science! Assuming the rental increase notice was in writing, properly prepared, and served correctly, you could now begin an eviction.

The eviction process begins with the service of a written three-day notice to pay rent or quit. This notice requires the tenant to pay back rent or move out within three days. If the tenant doesn’t comply with the Notice, you may pursue an unlawful detainer lawsuit for possession, back rent, and damages for holding over. Consult with a lawyer before serving the eviction notice.

Your tenant may not be paying the rent increase because of a mistake you made in imposing the increase. If this is the case, you will have to start over from the beginning by properly serving a good notice. Be sure to follow the correct procedure and check all your boxes.

—Clifford Fried

The information contained in this article is general in nature. Consult the advice of an attorney for any specific problem. Dave Wasserman is with Wasserman Offices and can be reached at 415-567-9600. Clifford Fried is with Fried, Williams & Grice Conner and can be reached at 415-421-0100.

Election Reflection

Written by CHARLEY GOSS

The 2024 election brings mixed results but also key victories for local rental property owners.

At long last, 2024’s grueling election cycle has ended. After months of campaign phone calls, text messages, seemingly never-ending digital ads, and an onslaught of campaign mail pieces, the dust has nearly settled on the November 2024 election. Though the state of California has until December 13 to certify the statewide election, we’re in a position now where we can take a breath and look back at the final results for our local and statewide ballot.

For SFAA and our members, the November 2024 election has to be seen as a success. Though there are still 620,000 statewide votes left to be processed, SFAA’s top statewide priorities for this year–defeating Prop 33 and passing Prop 34–both were successful. The No on 33 campaign was an overwhelming success–the measure is losing by an impressive 60.2% “No” votes to just 39.8% “Yes” votes. Prop 34 was closer, but the race has been called in our favor. Prop 34 is currently ahead with 7,064,372 “Yes” votes (50.8%) to 6,854,000 (49.2%) “No” votes.

Propositions 33 and 34

The defeat of Prop 33 was paramount for rental housing providers statewide. The measure, which threatened to repeal Costa-Hawkins, is the third time that voters have weighed in on this issue in the past six years. The effort has been sponsored by Michael Weinstein and the AIDS Healthcare Foundation (AHF) each time, and voters rejected the proposal resoundingly each time. Prop 10 was defeated in 2018 by 18.86 percentage points. In 2020, voters rejected Prop 21 by 19.7 percentage points. The results for Prop 33 this year were even more lopsided.

However, there was concern about Prop 33 for a few reasons. First, statewide polling indicated that voters generally view rent control favorably. Second, the fact that the November 2024 ballot also included a presidential election meant that turnout would be high, generally skewing the vote more progressive than in years past. Third, AHF was spending more money on its effort to repeal CostaHawkins than ever before. As a result, SFAA, CAA, and other industry groups have had to fundraise an astronomical amount over the past year and a half. In total, approximately $125 million was raised to help ensure Prop 33’s defeat, and though that number is eye-popping, it was money well spent to protect rental property owners statewide and to deliver a strong message that repealing Costa-Hawkins isn’t the appropriate solution to California’s housing affordability problem.

Prop 33 would have brought disastrous effects to our industry: destroying property values, halting future housing production, and jeopardizing our members’ abilities to maintain their properties and pay their mortgages and property taxes while staying afloat on their buildings. If Costa-Hawkins were to be repealed, cities could choose to set maximum rental rates for apartments, impose vacancy control to freeze rents in perpetuity, impose rent and vacancy control on single-family homes and condos, and many other things that would be catastrophic for rental property owners and the state.

We should be proud and thankful with the overwhelming success in defeating Prop 33. In 2020, San Francisco County was one of only two counties in the state where a majority of voters voted “Yes” on Prop 21. However, this year, Prop 33 lost even in San Francisco by a significant sum: 57.36% of residents voted “No,” to only 42.64% of residents voting yes. While Costa-Hawkins can be amended or repealed by the state legislature at any time, and much work has also been done to protect our votes in the state Capitol, for now property owners can breathe a sigh of relief.

Passing Prop. 34 was a secondary priority for SFAA and the California Apartment Association. While our efforts to fight the repeal of Costa-Hawkins at the ballot box have been overwhelmingly successful each time, raising hundreds of millions of dollars to fight a ballot measure every two to four years is not sustainable. Acknowledging this, a consensus was reached by CAA leadership that the industry needed to 1) defeat Prop 33 and 2) be proactive so that we weren’t being put in a position to have to fight Costa-Hawkins repeal every election cycle. Thus, Prop 34 was born.

Generally speaking, Prop 34 sought to require certain health care providers to spend 98% of their revenue from federal discount prescription drug programs on direct patient care. More specifically, passage of Prop 34 would prohibit organizations including the AIDS Healthcare Foundation from spending tens of millions of dollars on ballot measures, political causes, concerts, events, and other things unrelated to their core mission of providing patient care for their clients. Simply put, with Prop 34’s passage, nonprofits like AHF will be prohibited from spending millions of dollars attempting to repeal Costa-Hawkins via future ballot measure initiatives. These nonprofits will also be forced to redirect some of their frivolous spending back to their original organizational purpose: providing patient care to Californians.

Currently ahead by 210,372 votes statewide, with voters passing Prop 34, we’ll no longer have to fund expensive future campaigns like Prop 33, Prop 21, and Prop 10. Its passage represents a huge strategic victory for rental property owners and will save owners statewide millions of dollars and a whole lot of stress and heartache by avoiding future ballot measure fights. It’s quite possible that Prop 34 will be tied up in litigation after it is certified by the state. But for now, for our organization and for CAA, the defeat of Prop 33 and the passage of Prop 34 are an undeniable success.

Lastly, at the state level, voters have rejected Prop 5 by a margin of 55.3% “No” votes to 44.7% “Yes” votes. Existing law requires that local bond measures and related property tax increases must be approved by a two-thirds vote. Prop 5 would have lowered that threshold to 55%, making it easier to pass local bonds, and thus making it easier to increase operating expenses for rental property owners. While local bond measures have historically been “rubber-stamped” in San Francisco (only one bond measure in the last twenty years has been defeated,) Prop 5’s defeat means that bond measures will need 66.67% of the vote instead of 55%.

Board of Supervisors Seats and the Mayor’s Race

On the local level, 2024’s election results were more of a mixed bag. San Francisco’s local ballot had big implications for SFAA members, with the future makeup of the Board of Supervisors hanging in the balance. Six of the eleven seats on the Board of Supervisors were up for election, with all the odd-numbered supervisorial districts on the ballot. Overall, while we continued to make progress on moderating the makeup of the Board with elected officials who are more business-friendly and less antagonistic to our industry, the results could have been better.

In District 1, Connie Chan defeated SFAA-endorsed Marjan Philhour. A longtime SFAA ally and an outgoing, proactive leader, this was Philhour’s third time running to represent the Richmond District. After losing by just 124 votes to Connie Chan in 2020, many thought that this year would be the year she’d be elected in District 1. Philhour ran a strong campaign focused on public safety and supporting small businesses, but was attacked relentlessly by an independent expenditure committee funded by labor unions and tenant groups, which spent over $1.2 million dollars against her. These attacks proved to be too much for Marjan, and Connie Chan will remain in office and continue to be a reliable vote for the progressive faction of the Board.

In District 3, SFAA-endorsed candidate Danny Sauter won his race to take over Aaron Peskin’s seat, defeating Tenants-Unionendorsed candidates Sharon Lai and Moe Jamil by a wide margin. In the six weeks before the election, Lai and Jamil teamed up against Sauter in the month before the election, asking voters to support an “anybody but Danny” slate. However, Sauter’s deep roots in the district and long track record of community

service carried him to success. Sauter, a renter, held strong on a “No on Prop 33” position and was attacked for it, but his community bonafides helped him win the District 3 seat in 2024, just four years after he performed surprisingly well against incumbent Aaron Peskin in 2020. Sauter is progressive on many issues, but we believe he will be a reasonable, measured voice on important policy issues that come before the Board of Supervisors next year and beyond. Flipping the District 3 seat from a progressive to a moderate one is a win for SFAA members.

In District 5, in a result that will surely make SFAA members happy, SFAA-endorsed Bilal Mahmood was successful in making Dean Preston a one-term Supervisor. Mahmood is a former policy analyst in the Obama Administration, and a tech company founder and entrepreneur. While he won’t necessarily be on SFAA’s side on every policy issue, his victory over Preston is an important one for SFAA; he won’t be nearly as antagonistic toward rental property owners, and we don’t expect him to make our industry the target of all of his policy priorities, which was the case with Dean Preston. SFAA expects Mahmood to be a swing vote on the Board of Supervisors and more likely to side with the moderate members of the Board on issues where the vote is likely to be close.

In District 7, SFAA issued dual endorsements for incumbent Myrna Melgar and small business owner Matt Boschetto. While many political observers thought Boschetto could ride the “No on K” (Great Highway) wave to victory in District 7, incumbent Myrna Melgar performed very well on Election Day. SFAA has built a good working relationship with Melgar’s office, and she’s functioned as a swing vote on important policy matters. However, she ultimately voted “Yes” on resolutions to support Prop 33, and after being pressured by Aaron Peskin, voted “Yes” to expand local rent control if Prop 33 had passed.

In District 9, SFAA-endorsed candidate Trevor Chandler ran a strong field campaign but could not keep up with Jackie Fielder, who ran on a Democratic Socialist platform. Chandler’s candidacy was always going to be an uphill battle, as District 9 is one of the most progressive in the City, and Fielder had name recognition from her 2020 race for the state Senate against Scott Wiener. Fielder will join the progressive wing of the Board of Supervisors, and her election (along with Dean Preston’s loss) means that the Democratic Socialists of America will retain their one seat on the Board of Supervisors.

In District 11, the Excelsior, SFAA-endorsed candidate Michael Lai was leading Chyanne Chen on election day by 420 votes. However as more ranked-choice votes were counted after election day, Chen caught up, and the race was recently called in her favor. Lai is an impressive speaker and candidate, having earned a scholarship to Harvard before going on to found education-focused startups. Just like in District 1, his candidacy was also attacked by independent expenditures from labor groups. Nonetheless, Lai ran an impressive, issue-focused

campaign centered around bringing results-based effectiveness and accountability to City Hall. We expect him to emerge as a City leader in the future.

In the Mayor’s race, SFAA’s Political Action Committee voted to sole-endorse London Breed. In the end, despite making progress on issues like homelessness, public safety, and the revitalization of downtown, Breed’s re-election campaign was hampered by voters’ overwhelming feeling that the City was on the wrong track and that somebody new in office could course-correct for the City.

We believe much of the dysfunction in City Hall in recent years was more attributable to a Board of Supervisors that focused on hindering Breed instead of supporting her policy priorities. But the voters have spoken, and philanthropist Daniel Lurie will be our next Mayor. Lurie is a bit of an unknown entity and a blank slate, having never served in government before, but he should be reliable on issues important to SFAA members. Lurie took a “No” position on Prop 33 and opposed the Board of Supervisors’ recent legislation to expand rent control should Prop 33 pass. Much of the work we do with the Mayor comes down to staff. While SFAA has built strong relationships with London Breed’s staff, we hope that Lurie will bring in and retain strong, capable people to support his policy priorities, which are likely to align with SFAA’s goals. With a budget deficit of $800 million and voters demanding change on many issues, it will be interesting to see how Lurie’s first one hundred days in office go. SFAA will reach out to him shortly to build a productive working relationship.

Ballot Measures

On the local ballot measures, thankfully no single 2024 measure targeted our industry quite like Props M (residential vacancy tax) and O (per-door parcel tax) in 2022. Nonetheless, SFAA and other industry partners voted to lead a campaign against Prop B, the $390 million General Obligation Bond, after the Board of Supervisors approved legislation in the spring to all but eliminate the General Obligation Bond passthrough that allows rental property owners to share some of the property tax costs associated with bond measures with their tenants.

Fighting Prop B was an uphill battle, as voters rarely reject bond measures, and a high-turnout election ensured the electorate would be very progressive. Nonetheless, SFAA’s “No on B” campaign turned heads at City Hall and forced the “Yes on B” campaign to dedicate additional funds and attention toward ensuring its passage. While we would have preferred a better result (B will pass and is currently leading with 72.4% of the votes,) we were still successful in sending a message to City Hall: SFAA will continue to fight bond measures—and in future elections, we’ll have more resources available to fund our campaigns. We hope to take this message to a new Board of Supervisors and a new Mayor to restore the General Obligation Bond passthrough for our members.

Elsewhere on the ballot, the voting results were interesting. Voters rejected SFAA’s preferred ballot measure to reduce City Commissions (Prop D) while approving the method placed on the ballot by Aaron Peskin (Prop E). Voters also approved Peskin’s measure to create the position of Inspector General to help fight corruption. While voters rejected a measure to provide incentives to improve the retention/staffing level of police officers, they approved measures to increase retirement benefits for firefighters (Prop H) and nurses and 911 operators (Prop I), in addition to a measure to reimburse first responders for their student loans (Prop N).

The results for the most contentious measure on the ballot, Prop K, to close the Great Highway to cars, were fascinating and could have far-reaching ramifications in future elections. While voters approved Prop K (it currently leads by a margin of 54.72% to 45.28%), the election map showing “Yes” and “No” votes by precinct is striking. The areas closest to the Great Highway voted a majority “No” on the measure. “No” votes formed a ring extending from the Richmond down through the Sunset, Forest Hill, and Parkside, and then east, covering the Excelsior, Outer Mission, Crocker Amazon, Visitacion Valley, and over into the Bayview. The “Yes” side won its campaign by winning votes from neighborhoods farther from the Great Highway, including Haight Ashbury, the Mission, Castro, Tenderloin, and up into the northern and northeastern neighborhoods, like the Marina, Nob Hill, and North Beach.

The results show that the people most directly impacted by closing the Great Highway opposed K, while more progressive districts in the center and northern parts of the City favored its closure. This could create a problem for the current Supervisor representing the Sunset, Joel Engardio, who was a vocal leader for the “Yes on K” campaign, but whose constituents overwhelmingly opposed the proposal. While SFAA endorsed a “No on K” position, Engardio has been a reliable vote for moderates on the Board of Supervisors. It will be interesting to see how this result affects his re-election campaign and other races in 2026. That fact that this measure was approved on a citywide vote is upsetting to those most directly impacted by the measure who overwhelmingly voted against it. This is something to watch as we move forward in 2025 and beyond.

Overall, we can’t help but feel frustrated with the results on Prop B and in Districts 1, 9, and 11, where progressive candidates maintained control of the district and talented, qualified moderate candidates were unsuccessful. However, with the defeat of Prop 33, Prop 34, and Prop 5, this election must be seen as a success for SFAA members. Add in the fact that a businessfriendly moderate candidate was elected Mayor, and that the more moderate candidates were successful in flipping Districts 3 and 5, and we should all feel positive about this year’s results even though they were not perfect. Though not a supermajority,

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Top-Tier TALENT

Written by PAM MCELROY

The 2025 Trophy Awards celebrated San Francisco’s top rental professionals, honoring teamwork, innovation, and community-driven excellence.

The 2024 SFAA Annual Trophy Awards celebration was a lively gathering filled with hope and excitement for the future of the San Francisco rental property industry. The evening brought together key figures such as Mayor London Breed, Senators Scott Wiener and David Chiu, and District Attorney Brooke Jenkins. Together, they expressed a shared optimism for the city’s ongoing growth and revitalization.

This year’s award recipients exemplified the spirit of collaboration, excellence, and dedication that drives San Francisco’s real estate community forward. From accounting professionals to property managers, each honoree’s story is a testament to hard work, innovation, and an unwavering commitment to supporting both colleagues and residents.

As we reflect on the evening, it’s clear that the common thread among the winners is their deep sense of community and shared purpose. The success of each individual is not just personal—it’s a reflection of the collective effort that powers this vibrant industry. We look forward to the continued contributions of these exceptional professionals, whose work will shape the future of San Francisco for years to come.

Accounting Professional—Over 1,500 Units

Michelle Barrios, Gaetani Real Estate

“Winning was exciting, but just being nominated made me happy,” Michelle says, emphasizing how proud she is to be recognized among such a dedicated group of accounting professionals. She is particularly appreciative of how SFAA acknowledges all aspects of property management, honoring not only those in the field but also the often-overlooked roles that contribute to the success of a property.

The key to Michelle’s success lies in her ability to collaborate and support her peers. “I always try to lend a helping hand when needed,” she notes, recognizing the power of teamwork in achieving great results. What she loves most about her work is the opportunity to help others, whether it’s guiding them through financial transactions or providing clarity on complex financial matters. Michelle is also deeply proud of the professional growth she’s experienced at Gaetani. Starting as a filing clerk six years ago, she has now worked her way up to Junior Accountant, a journey that has been both challenging and incredibly rewarding. “Doing what I love is very fulfilling,” she shares.

Accounting Professional—Under 1,500 Units

Caysee Klippsten, Vertex Property Group

Caysee’s Trophy Award is a result of her dedication and exceptional skill set developed over thirty years in bookkeeping and accounting. Her expertise and commitment to providing outstanding service have earned her respect and admiration from both colleagues and tenants. With a deep understanding of the nuances of financial management, Caysee has streamlined processes to create a more efficient, less stressful work environment at Vertex, a feat she takes immense pride in.

Her Trophy will proudly sit beside a cherished photo of her Aunt Dianne, a meaningful tribute to family and heritage. Beyond her professional achievements, Caysee’s gratitude toward Vertex for their continued trust in her is palpable. This recognition is not just a testament to her technical prowess, but to the strong relationships she has built over the years.

Assistant Property Manager

Rochelle Del Carmen, Greystar

Rochelle’s Trophy Award is a testament to her exceptional leadership and dedication to the communities she serves. She recognizes that the award is not just a reflection of her own efforts but the collaborative spirit of her entire team. Her success, she believes, stems from her ability to communicate, listen, and empathize with residents, particularly those in need. “The knowledge I gain each day about affordable housing and the different organizations supporting low-income residents in San Francisco has been invaluable,” she says, underscoring her deep commitment to service.

Rochelle loves the personal connections she builds with those she serves. “I treat every person with the same respect and enthusiasm,” she notes, emphasizing the importance of creating a welcoming, supportive environment for all. Juggling multiple communities and ensuring top-notch customer service is a challenge she embraces. Reflecting on her journey, Rochelle humbly credits her team: “I am successful because of our team.”

Best Amenities

Verde, Greystar

Verde offers an unparalleled living experience with amenities designed to elevate everyday life. Residents can indulge in the state-of-the-art fitness center, complete with cardio and strength training equipment, or unwind in the dedicated yoga and Pilates studio. For those who work remotely, the secondfloor co-working area features private phone booths and open spaces designed to inspire creativity and collaboration. Verde also boasts impressive entertainment options, including a games room, podcast/media studio, and inviting lounges for social gatherings. Outdoor terraces on the sixth and twentyfourth floors provide sweeping Bay views, perfect for relaxation or hosting friends, while grilling areas and fire pits encourage community connections.

Sustainability and comfort go hand in hand at Verde, with innovative features like a districtwide heating and cooling system and San Francisco’s first large-scale blackwater treatment facility. Green spaces such as a sky garden add natural beauty, while the proximity to China Basin Park offers residents access to outdoor activities like kayaking, cycling, and picnicking. With its thoughtful design and expansive amenities, Verde redefines urban living, fostering a vibrant, connected community in one of San Francisco’s most dynamic neighborhoods.

General Manager of the Year

Levi Hancock, Related

Levi’s leadership and dedication have played a pivotal role in the success of The Avery, making his Trophy Award a reflection of his hard work and commitment to excellence. Levi attributes much of his success to his strong people management skills, noting, “Leading a large team of skilled individuals keeps me at my best.” This collaborative approach has been central to achieving great results.

Levi’s passion for creating a vibrant, welcoming community is evident in everything he does. As he explains, “We don’t just rent four walls and a roof, but a place where residents truly feel at home.” His journey from a part-time leasing agent in Gainesville to managing one of San Francisco’s premier properties with Related Management speaks to his growth and determination. Now, with his trophy proudly displayed on the shelf in his office, Levi continues to lead by example, making a lasting impact on both his team and the residents who call The Avery home.

Industry Office Manager of the Year

Mantaya Roberts, Flow Masters Plumbing

Mantaya’s enthusiasm and dedication were key to her team’s success in winning a Trophy Award. Reflecting on the achievement, she shared, “It’s always great to be recognized, but it really feels like a team effort — so I was just excited for all of us!” Her ability to stay organized, anticipate needs, and proactively solve problems has been instrumental in creating a positive and efficient environment. Mantaya prides herself on the

little things that add up to major improvements, ensuring the smooth operation of the office.

“I’m most proud of the role I’ve played in supporting our team’s growth,” Mantaya said. Through open communication and fostering collaboration, she has helped her colleagues become more cohesive, efficient, and engaged. Her award is not only a personal victory but a testament to the power of teamwork and dedication, and she looks forward to continuing to improve both herself and the team.

Industry Professional Derek Buchmann, Related

After nearly a decade in the multifamily industry, Derek is honored and grateful for the support and mentorship of his colleagues. “This achievement is as much theirs as it is mine,” he notes, recognizing the team effort behind his success. A creative at heart, Derek thrives on his approach of “Always Be Creating,” which drives his work across design, problem-solving, and relationship-building. This mindset, rooted in curiosity and a commitment to innovation, has been key to his accomplishments.

Derek’s greatest pride lies in fostering a culture of care and collaboration within his organizations. He believes that when teams feel aligned and supported, they can achieve extraordinary results. “I’m most proud of my work in elevating the employee experience,” he shares, knowing that empowering others creates a lasting impact. Beyond his professional achievements, Derek loves the vibrant energy of San Francisco, calling it “stunning” and a constant source of discovery. As for his Trophy Award, Derek plans to give it the VIP treatment, whether displayed in his living room or traveling around the city’s properties like a local celebrity—reminding everyone of the unique spirit he brings to his work.

Industry Provider Administrative Professional German Dominguez, R & L Plumbing

German’s journey from intern to award-winner is a powerful story of hard work, growth, and determination. Coming from Spain just two years ago, he has quickly made an indelible mark in his field. His sense of pride in receiving this award speaks volumes about his commitment to excellence: “It shows the hard work and efforts paid off,” he reflects, but with his eyes set on the future, he adds, “I want more.” This drive and ambition have been key to his success, alongside his discipline, moral integrity, and ability to adapt to new challenges.

What truly stands out about German is his ability to remain calm and composed under pressure, managing difficult situations with both professionalism and respect for others. His quick progression from intern to trusted team member and manager is a testament to his work ethic and his capacity to take on significant responsibilities. German reflects on how much San Francisco has shaped him—both professionally and personally—calling it “the neural center of the

entrepreneurship world,” where he can continue to grow, learn, and enjoy a balanced life.

Innovative Marketing

Michelle (Mischa) Ayr, Greystar

Mischa has made waves in the marketing world. Her Trophy Award is a testament to her relentless dedication and passion for her craft. As she reflects on this achievement, she shares, “Being recognized among such talented peers is truly an honor and a reminder of why I love what I do.” With a remarkable blend of data-driven strategy and creative flair, she crafts campaigns that resonate deeply with audiences while fostering strong communication and collaboration across teams.

Deeply committed to her work in San Francisco and Hawai’i, Mischa excels at translating performance metrics into impactful marketing strategies that exceed expectations. She proudly states, “Blending creativity and strategy is key to driving results.” In a heartfelt gesture, she plans to dedicate her award to her mother, symbolizing the unwavering support that has fueled her journey. With gratitude for her colleagues and mentors, Mischa looks forward to continuing her innovative contributions to the industry, inspiring others along the way.

Leasing Agent

David Klampert, AMSI

Winning a Trophy Award is a testament to David’s hard work, perseverance, and unwavering dedication to excellence. As he humbly puts it, his success is a product of “hard work, patience, strong communication skills, and integrity”—values that have undoubtedly shaped his impressive career. With a keen eye for enriching both his landlords and tenants, he has crafted a space where everyone can thrive, embodying a spirit of collaboration and service that’s truly admirable.

Even more remarkable is his deep appreciation for teamwork. He compares it to being part of a baseball team, where “every member plays a crucial role.” It’s this camaraderie that drives him to continually deliver his best, making each project and achievement even more meaningful. As he proudly displays his Trophy Award at the front of his desk, it’s clear that this recognition holds a special place in his heart. A well-deserved honor for someone who brings wisdom, integrity, and excellence to everything he does.

Leasing Consultant

Claire Dame, Related Claire’s dedication and passion have earned her her Trophy Award. It is a reflection of her tireless commitment to not just managing a building but creating a true sense of home for her residents. Claire’s deep focus on building strong relationships with both prospective and current tenants is what sets her apart. “It’s incredibly fulfilling to see someone light up when they walk into a space and realize it is ‘the one,’” she says. Her thoughtful, personalized approach ensures that each resident

feels supported and valued from the first showing through to move-in day.

Her attention to detail and innovative approach to streamlining the leasing process have significantly impacted resident satisfaction and retention. From the start, Claire has excelled in balancing her dual roles as leasing program manager and resident experience manager, proving that her ability to adapt, grow, and succeed knows no bounds. Claire’s passion for her home of San Francisco fuels her ongoing desire to help others find a place to call their own in this vibrant city.

Leasing Manager

David Blosser, Veritas

David’s Trophy award is a well-deserved tribute to his leadership and commitment to his team. Filled with gratitude, David credits the success to hard work, dedication, and teamwork. His deep understanding of every role within the department, from leasing coordinator to agent, allows him to make strategic, wellinformed decisions that prioritize his team’s success. David’s leadership style emphasizes mentorship and personal growth, fostering an environment where each team member feels supported and empowered to reach their full potential.

David is particularly proud of the collaborative, customer-focused leasing team he’s built, one that puts client service at the forefront while creating a positive, inclusive culture. With over six hundred closed transactions and years of experience navigating the San Francisco market, David’s expertise shines through in his ability to guide his team to success.

Legal Administrative Professional

Linda Cikes, Wasserman Offices/Vertex

Linda was surprised and honored to learn she had won a Trophy Award. She attributes her success to a combination of hard work and staying focused on what truly matters. “I’m grateful for the opportunity to contribute to something meaningful,” she says, reflecting on her dedication to both her clients and her craft.

One aspect of her work that Linda particularly enjoys is helping others navigate difficult situations. She thrives in organizing critical documents, managing deadlines, and ensuring everything runs smoothly behind the scenes. “It feels rewarding to know that my work helps everything fall into place and has a real impact on our clients,” she shares. Proud of the growth and experience she has gained throughout her career, Linda looks forward to continuing her journey of improvement and taking on new challenges. Her Trophy Award will find a place of honor in her living room, a symbol of her hard-earned success in a city she loves and calls home.

Maintenance Manager

Catery Villela, Veritas

Catery’s recent recognition as a standout leader at Veritas/ GreenTree is a celebration of her incredible journey as an

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Former SFAA winner

* Leasing Agent of the Year

* Landlord of the Year

immigrant and a dedicated professional. “Winning felt like a celebration not just of my professional achievements but also of my identity,” she reflects. Over her twenty years in San Francisco, Catery has transformed her humble beginnings—starting a family-run maintenance company—into a thriving career, building teams and creating valuable services that enhance her company’s reputation. Her success is rooted in her unwavering commitment to finding ethical solutions and her ability to foster an inclusive environment that thrives on diverse perspectives.

Proudly displaying her award in her office as a reminder of her hard work, Catery emphasizes the importance of community and support in her journey. “I’m grateful for the opportunities that have allowed me to grow both personally and professionally,” she shares. With a rich cultural background and a passion for helping others succeed, Catery is a beacon of inspiration for her colleagues and community.

Maintenance Technician

Ismael Becerra, R & L Plumbing

Ismael’s exceptional work ethic and dedication led to his Trophy Award. Surprised by the honor, Ismael credits his success to his ability to listen, understand, and patiently collaborate with clients. His commitment to excellence shines through in his favorite aspect of the job—installing vanities. “Everything involved in completing vanity installations is something I truly enjoy,” he shares, highlighting his passion for the finer details.

One of Ismael’s proudest achievements was completing a full apartment remodel in just six weeks, showcasing his efficiency and skill. His humility and gratitude shine through as he reflects on the recognition, expressing, “I’m very happy and grateful.” As he places his Trophy Award in his room to see every morning, Ismael’s joy for his craft and pride in his accomplishments are clear, making him a standout professional and a true asset to his team.

New Development Greystar—The Canyon

The Canyon at Mission Rock has been awarded “Best New Development” for its exceptional blend of modern living, sustainable design, and community-driven approach. As Mission Rock’s first residential property, it sets a new standard for high-rise living in San Francisco. The Canyon offers residents breathtaking views of Mission Bay, the Bay Bridge, and Oracle Park, while providing thoughtfully designed apartments with features like custom Italian cabinetry, spa-inspired bathrooms, and open kitchens that blend style with functionality. The building’s commitment to wellness is reflected in its expansive amenities, including a full-service fitness center, private screening room, rooftop hot tub, and multiple outdoor terraces with grilling stations.

What truly sets The Canyon apart is its strong sense of community and connection. From its 24/7 concierge service to

vibrant social spaces like a lounge with table tennis, a retro arcade, and a private dining area, The Canyon fosters meaningful interactions among residents. Located just steps from China Basin Park and with easy access to local dining, retail, and transportation hubs, this award-winning development is more than just a place to live—it’s a hub for modern, sustainable, and connected urban living.

Multi-Site Manager

Dave Aguirre, 2B Living

Dave was both ecstatic and honored to receive the recognition as Property Manager of the Year, especially among the many highly qualified property managers in San Francisco. He believes his win was driven by a combination of strong communication skills, attention to detail, and his dedication to fostering relationships with residents, owners, and vendors. His handson approach to problem-solving and knowledge of maintenance helped him stand out. “To see residents smile makes my day,” Dave shares, highlighting his passion for improving tenants’ lives.

Among his proudest achievements, Dave highlights his ability to leverage his construction management background while building strong relationships with clients and contractors. This balance has ensured successful projects that are completed on time and within budget. He also takes pride in leading the property management for a growing portfolio of mixed-use buildings in San Francisco. Displaying his Trophy Award on his office desk next to his Joe Montana bobblehead, Dave is reminded daily of his dedication to both his work and the city he loves.

Onsite Building Maintenance Technician

Otto Candelario, Related

Otto was honored to receive the maintenance award, feeling proud to represent Related. He credits the recognition to his commitment as a team player and his dedication to serving the residents of The Avery. “Working hard to serve our residents” is a key factor he believes contributed to his success.

One of Otto’s greatest joys is the opportunity to serve the residents at The Avery. He finds fulfillment in knowing his efforts directly impact their experience. Otto displayed his Trophy Award at home as a reminder of his hard work. As a resident of San Francisco, he appreciates the city’s beauty and the variety of activities it offers for families, making it a perfect place to live and work.

Onsite Leasing Consultant

Katherine Wells, Related

Katherine was overjoyed and “ecstatic” when she heard her named called at the Trophy Awards. She attributes the recognition to her team’s ability to remain agile and adaptable, always prioritizing the highest standards of customer service.

What Katherine loves most about her work is the opportunity to meet new prospects and connect with residents, building strong relationships. Displaying her Trophy Award in the leasing office serves as a proud reminder of her team’s dedication. A San Francisco native, she adores the city’s unique blend of small-town charm and big-city excitement. With its walkable neighborhoods, incredible food, and stunning views, San Francisco holds a special place in her heart. Katherine feels deeply honored to be part of the Related family and is grateful for the recognition that the Trophy Award represents.

Porter

Lita Lahl, Related

When Lita found out she won a Trophy Award, she felt both “happy and so excited” about the recognition. She believes her hard work played a key role in the win, and her dedication is evident in her approach to work.

One aspect of her job that Lita particularly enjoys is preparing units for move-ins, ensuring everything is ready for new residents. She is also proud of her impressive twenty-three-year tenure with the company. Lita plans to display her Trophy Award at home as a token of her long-standing commitment. She loves San Francisco for its beautiful weather and the city’s overall charm. Grateful for the nomination from her general manager, Lita extends her thanks to both her company and the SFAA for honoring her with the award.

Project Manager

Evelio Perez, R & L Plumbing

Evelio was both surprised and honored to receive the prestigious award, crediting his success to the support of his dedicated team. Juggling the needs of clients, technicians, office staff, and the city has been key to his achievement. “The willingness to work with [everyone] is crucial,” he adds, noting how much he has learned from those around him. Evelio thrives on the variety his job offers, finding fulfillment in the constant opportunities to grow and help others.

Evelio’s journey at R&L Plumbing has been one of personal and professional growth. Starting with basic plumbing skills, he’s learned to manage everything from faucet repairs to largescale projects like boiler replacements. “I’ve learned how to estimate, organize, and manage all types of jobs,” he reflects. A proud San Francisco native, Evelio feels a deep connection to the city, saying, “This is my home.” He credits his mentors, Larry and Philip, for providing the tools and guidance that have shaped his success.

Property Inspector

Jesus Ramirez, Gaetani Real Estate

Jesus is both honored and thrilled to have received an SFAA Trophy Award, especially for his work in property inspection within San Francisco’s unique landscape. “It’s incredibly rewarding to know that my dedication and efforts are valued,” he

says, reflecting on the challenges of his role and the satisfaction of being recognized for his hard work. His attention to detail and unwavering commitment to safety and quality have been central to his success, but it’s his ability to adapt and communicate effectively with property owners, tenants, and stakeholders that has truly set him apart.

What Jesus loves most about his job is the variety it brings— whether it’s the diverse buildings he inspects or the unique stories each property holds. “Each inspection is different,” he says, with particular pride in working with older buildings. He enjoys helping preserve the city’s rich architectural history while ensuring safety standards are met. Over the years, Jesus has built strong relationships within the community, which he cites as one of his greatest professional achievements. As he places his trophy in his office, it will serve as a reminder of the trust and collaboration that have made his success possible.

Property Management Administrative Professional

Herman Yueng, West Coast Property Management & Maintenance Company

Herman’s journey from janitor to assistant property manager to accounting, where he now thrives under the mentorship of Aspen Ginthum, is a testament to his perseverance and commitment. He attributes his Trophy Award to “good old-fashioned hard work, persistence, and dedication,” always striving to do his best, no matter the task.

One of the aspects Herman loves most about his work is the opportunity to support and guide his team, ensuring that everything stays on course. “Being able to solve issues when they come up and keep this ship sailing in the right direction” gives him great satisfaction. His humility and gratitude for his journey shine through as he thanks his colleagues at West Coast Property Management. The Trophy Award now sits proudly on his desk, a symbol of his hard-earned achievements and continued growth.

Property Management Firm

2B Living

2B Living’s recent Trophy Award celebrates the company’s dedication to excellence in property management and tenant satisfaction. The team, managing over 336 properties and 4,000 units across the Bay Area, stands out for its innovative use of technology, strong community focus, and hands-on approach to both property onboarding and maintenance. As Brooks Baskins, CEO & Founder, puts it, “We embrace technology, employ talented people, and care about tenants and the communities we operate in,” driving them to be a true leader in the field.

The award is also a testament to 2B Living’s focus on building strong, collaborative relationships with clients and residents alike. Their hands-on approach to property onboarding,

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sfaa 2024

December 2024

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Create a free account at sfaa. myintellirent.com/agent-signup.

STEP 2:

Invite an applicant to apply via an online application customized to SFAA’s criteria. You can also publish your available rental on Intellirent across mulitple ILSs.

RATES

Intellirent is your free, online rental application and property marketing tool, partnered with Transunion to instantly return complete credit reports and nationwide eviction notices. Renters pay the $40 application fee, which covers your costs. For more information, simply create your free account or go to sfaa.org and choose the “Resources” tab. Then select “Tenant Screening.”

Please note that the maximum you can charge a tenant for screening services is $49.12.

CONTACT INTELLIRENT FOR MORE INFORMATION:

415-849-4400

SAN FRANCISCO’S

CAPITAL IMPROVEMENTS

The capital improvement interest rates for 3/1/23 through 2/29/24 are listed below:

ALLOWABLE RENT INCREASES

2024 - 2025: 1.7%

Effective March 1, 2024 through February 28, 2025, the allowable annual rent increase is 1.7%. This amount is based on 60% of the increase in the Consumer Price Index for all urban consumers in the Bay Area. A history of all allowable increases and their effective periods is provided.

ALLOWABLE RENT INCREASES

03/01/24 - 02/28/25 1.7%

03/01/23 - 02/29/24 3.6%

03/01/22 - 02/28/23 2.3%

03/01/21 - 02/28/22 .7%

03/01/20 - 02/28/21 1.8%

03/01/19 - 02/29/20 2.6%

03/01/18 - 02/28/19 1.6%

03/01/17 - 02/28/18 2.2%

03/01/16 - 02/29/17 1.6%

03/01/15 - 02/29/16 1.9%

03/01/14 - 02/28/15 1.0%

03/01/13 - 02/28/14 1.9%

03/01/12 - 02/28/13 1.9%

03/01/11 - 02/29/12 0.5%

03/01/10 - 02/28/11 0.1%

03/01/09 - 02/28/10 2.2%

03/01/08 - 02/28/09 2.0%

03/01/07 - 02/29/08 1.5%

03/01/06 - 02/28/07 1.7%

INTEREST ON DEPOSITS

Deposits include all tenant monies that the owner holds, regardless of what they are called. At the landlord’s option, the payment may be made directly to the tenant or by allowing the tenant to deduct the amount of interest due from the rental payment.

INTEREST ON DEPOSITS PERIOD AMOUNT

03/01/24 - 02/29/25 5.2%

03/01/23 - 02/29/24 2.3%

03/01/22 - 02/28/23 0.1%

03/01/21 - 02/28/22 0.6%

03/01/20 - 02/28/21 2.2%

03/01/19 - 02/29/20 2.2%

03/01/18 - 02/28/19 1.2%

03/01/17 - 02/28/18 0.6%

03/01/16 - 02/28/17 0.2%

03/01/15 - 02/29/16 0.1%

03/01/14 - 02/28/15 0.3%

03/01/13 - 02/28/14 0.4%

03/01/12 - 02/28/13 0.4%

03/01/11 - 02/29/12 0.4%

03/01/10 - 02/28/11 0.9%

03/01/09 - 02/28/10 3.1%

03/01/08 - 02/28/09 5.2%

03/01/07 - 02/29/08 5.2%

RENT BOARD FEE

$29.50

Chapter 37A of San Francisco’s Administrative Code allows the city to collect a per-unit fee for each residential dwelling unit that is subject to the San Francisco Rent Ordinance. This fee defrays the entire cost of operation of the Rent Board. If you are an owner of a residential dwelling unit or guest unit, you must pay a Rent Board Fee by March 1 of each year unless you have a current exemption on file with the Rent Board or a Homeowners’ Exemption on file with the Office of the Assessor-Recorder.

While this fee was previously collected on the property tax bill, owners must pay this fee to the Rent Board directly as of 2022. Payment can be made through the Rent Board Portal. ALLOWABLE RENT BOARD FEE COLLECTABLE FROM TENANTS

7

SAN FRANCISCO RENT BOARD 25 Van Ness Avenue #320 San Francisco, CA 94102 415-252-4600 www.sfgov.org/rentboard

SFAA Professional Services Directory

1031 TAX DEFERRED EXCHANGE

SERVICES

FIRST AMERICAN EXCHANGE COMPANY

Lisa Jackson 415-244-1339 lisajackson@firstam.com

SEQUENT

Eric Scaff 415-834-1031 sequent-rewm.com escaff@sequent-rewm.com

ACCOUNTANTS

SHWIFF, LEVY & POLO LLP

Elizabeth Shwiff 415-291-8600 x232 www.slpconsults.com

ALARM COMPANY

AEC ALARMS

Yat-Cheong Au 408-298-8888 Ext: 188 sales@aec-alarms.com

ARCHITECTURE

OPENSCOPE STUDIO ARCHITECTS

Mark Hogan 415-891-0954 www.openscopestudio.com

Q ARCHITECTURE

Dawn Ma 415-695-2700 www.que-arch.com

ASSOCIATIONS

PROFESSIONAL PROPERTY MANAGEMENT ASSOCIATION

Renee A. Engelen www.ppmaofsf.org renee@hrhrealestate.com

ATTORNEYS

BARTH CALDERON, LLP

Paul Hitchcock 415-577-4685 Paul@barthattorneys.com All languages welcome

BORNSTEIN LAW

Daniel Bornstein, Esq. 415-409-7611 www.bornstein.law

BRETT GLADSTONE

Brett Gladstone 415-3945188 bgladstone@g3mh.com

CHONG LAW

Dolores Chong 415-437-7807 chongdolores@earthlink.net

DOWLING & MARQUEZ, LLP

Jak S. Marquez 415-977-0444 x232 www.dowlingmarquez.com

Spanish

FRANK KIM ESQ., EVICTION ASSISTANCE

Jo Biel 415-752-6070

Spanish, Korean, Cantonese and Mandarin

FRIED, WILLIAMS & GRICE CONNER, LLP

David Semel 415-421-0100 dsemel@friedwilliams.com

Clifford Fried cfried@friedwilliams.com Farsi, French, Portuguese, Spanish

HERZIG & BERLESE

Barbara Herzig 415-861-8800 bherzig@hbcondolaw.com

ILENE M. HOCHSTEIN, ATTORNEY AT LAW

Ilene Hochstein 650-877-8288 ilene@hochsteinlaw.net

KIMBALL, TIREY & ST. JOHN LLP

Kelli Dodson 800-525-1690 kelli.dodson@kts-law.com www.kts-law.com

LAW OFFICES OF KOSTER & LEADBETTER, LLP

Denise Leadbetter 415-713-8680 denise@kosterleadbetterlaw.com www.kosterleadbetterlaw.com

LAW OFFICE OF JULIANA E. PISANI Juliana Pisani 415-800-7562 Juliana@jpisanilaw.com

Italian

LAW OFFICES OF LAWRENCE M. SCANCARELLI

Lawrence M. Scancarelli 415-398-1644 www.sfrealestatelaw.com

MASTROMONACO REAL PROPERTY LAW GROUP

Leonard Mastromonaco 415-354-2702 len@mastrolawgroup.com

LAW OFFICE OF MICHAEL C. JOHNSTON Michael Johnston 650-343-5050 johnston-gomez@msn.com

NIVEN & SMITH

Leo M. LaRocca 415-981-5451 leo@nivensmith.com

NIXON PEABODY

Ashley Klein 415-984-8390 aklein@kdvlaw.com

REUBEN, JUNIUS & ROSE, LLP

Kevin Rose 415-567-9000 www.reubenlaw.com

SHEPPARD-UZIEL LAW FIRM

Jaime Uziel 415-296-0900 ju@sheppardlaw.com

SINGER & SCOTT, P.C. Edward Singer 650-393-5862 www.edsinger.net

SJR LAW CORPORATION

Shoshana Raphael 415-408-6044 shoshana@sjrlawfirm.com

STEINER LAW OFFICE

Michael Heath 415-931-4207 mheath@mheathlaw.com

STEVEN ADAIR MACDONALD & ASSOCIATES, PC

Steven Adair MacDonald 415-956-6488 www.samlaw.net sam@samlaw.net Mandarin, Cantonese & Spanish

TRN LAW ASSOCIATES

Tiffany R. Norman 415-823-4566 tiffany@trnlaw.com www.trnlaw.com

UTRECHT & LENVIN, LLP

Patrick Connolly 415-357-0600 pconnolly@ullawfirm.com www.ullawfirm.com

WASSERMAN

Dave Wasserman 415-567-9600

Dave@wassermanoffices.com www.davewassermansf.com

WIEGEL LAW GROUP

Andrew J. Wiegel 415-552-8230 www.wiegellawgroup.com

ZACKS & FREEDMAN, PC

Andrew M. Zacks 415-956-8100 www.zfplaw.com

ZANGHI TORRES ARSHAWSKY, LLP

John P. Zanghi 415-977-0444 www.zatlaw.com

BEDBUG DETECTION

CROWN & SHIELD PEST SOLUTIONS-PREMIER

Aurora Garcia-Vidaca 415-893-9551 www.crownandshieldpestsolutions.com

PREMIER CANINE DETECTION

Jordan Garcia 415-612-6645 www.premiercaninedectection.com

CLEANING SERVICE

SF BLIND CLEANERS

Andy Dovchin 415-523-0404 andy@sfblindcleaners.com www.sfblindcleaners.com

STANLEY STEEMER

Sanjay Bhandari 215-206-0748 stanleysteemersf@gmail.com www.stanleysteemer.com

COMMERCIAL/RETAIL LEASING SERVICES

BLATTEIS REALTY CO.

David Blatteis 415-981-2844 www.sfretail.net

CONSTRUCTION

FIRST ONSITE

Joseph Dito 510-391-2980 joe.dito@firstonsite.com www.firstonsite.com

PODS

Chad Schutt 310-270-5127 cschutt@pods.com

CONSULTANTS

AMY HULL CONSULTING LLC

Amy Hull 415-450-5809 nj-aeh@outlook.com

CONSULTANTS: PERMITS & PLANNING

EDRINGTON AND ASSOCIATES

Steven Edrington 510-749-4880

steve@edringtonandassociates.com

CONTRACTORS

C & J’S CUSTOM BUILDS INC.

Caleb Wyman 415-209-8439

caleb@c-jcustombuilds.com www.c-jcustombuilds.com

CORPORATE RENTALS

AMSI

Robb Fleischer 415-447-2020 www.amsires.com

CREDIT REPORTING

INTELLIRENT

Cassandra Joachim 415-849-4400 www.myintellirent.com

DRAIN SERVICES

PRIBUSS ENGINEERING, INC.

Selina Pribuss 650-588-0447

selina.p@pribuss.com www.pribuss.com

Nick Capurro 650-737-4554 nick.c@pribuss.com

EMERGENCY SERVICES

THE GREENSPAN CO./ ADJUSTERS INTERNATIONAL

Rebecca Holloway 707-540-5584 rebecca@greenspan-ai.com

ENVIRONMENTAL CONSULTING

ADVIRO

Alma Soto 408-512-2912 almas@goadviro.com www.goadviro.com

P.W. STEPHENS ENVIRONMENTAL

Sheri Buenz 510-651-9506 sherib@pwsei.com

EV CHARGING

URBAN EV Alexander Grant 971-275-7365 alex@urbanev.com

FACADE INSPECTIONS

BORNE CONSULTING

Cade Osborne 415-319-4789 cade@borne-consulting.com borne-consulting.com/

FIRE ESCAPE INSPECTION & MAINTENANCE

ACCOLADE RESTORATION INC.

ANTHONY CUELLAR 650-387-8524 accoladercinc@gmail.com www.accoladeconstruct.com

ESCAPE ARTISTS

Ben Maxon 415-279-6113 www.sfescapeartists.com

GREAT ESCAPE SERVICES

Terry Walsh 415-566-1479 www.greatescapeservice.com

FIRE PROTECTION CONTRACTORS

A-TOTAL FIRE PROTECTION COMPANY, INC.

Monte L. Osborn, CEO

Tyler Osborn, CFO 530-672-8495 accounting@atotalfireprotection.com www.atotalfireprotection.com

AEC ALARMS 628-208-0188 SFfire@aec-alarms.com

EMERGENCY SYSTEMS, INC.

Eric Hagerman 415-564-0400 esmfire@earthlink.net

PRIBUSS ENGINEERING, INC.

Selina Pribuss 650-588-0447

selina.p@pribuss.com www.pribuss.com

Nick Capurro 650-737-4554 nick.c@pribuss.com

REDWOOD CITY ALARMS, INC. Christopher Cicero 650-362-4841 redwoodcityalarms@gmail.com www.redwoodcityalarms.com

GARAGE DOORS

R&S ERECTION OF SAN FRANCISCO

Sarah Taylor 415-981-7590 sarah@rsdoor.com www.rsdoors-sf.com

GARBAGE COLLECTION SERVICES

RECOLOGY GOLDEN GATE RECYCLING Minna Tao 415-575-2423 recologysf.com

RECOLOGY SUNSET SCAVENGER Dan Negron 415-330-2911 recologysf.com

VALET LIVING

Tia LaNae Chambers 707-912-5153 tia.chambers@valetliving.com

HUMAN RESOURCES

INTERSOLTUTIONS, LLC jhong@intersolutions.com

INSPECTIONS

PACIFIC COAST REAL ESTATE INSPECTIONS

Christopher D. Hesson 415-516-8110 PCREinspections@gmail.com

INSURANCE COMPANIES

ARM MULTI INSURANCE SERVICES

Lisa Isom 866-913-6293 www.arm-i.com

BARBARY INSURANCE BROKERAGE Gerald Becerra 415-788-4700 www.barbaryinsurance.com

COMMERCIAL COVERAGE INSURANCE AGENCY Paul Tradelius 415-436-9800 www.comcov.com

GORDON ASSOCIATES INSURANCE SERVICES

Dave Gordon, CLU 650-654-5555x6972 David.gordon@gordoninsurance.com

LENDING / FINANCIAL SERVICES

BANK OF SAN FRANCISCO

Margaret Mak 415-930-3383

margaret.mak@bankbsf.com www.bankbsf.com

CHASE Michelle Li 415-794-2176 www.ff-inc.com

JPMORGAN CHASE

Behzad Boroumand 415-315-5255 behzad.boroumand@chase.com jpmorgan.com/commercial-real-estate

LOCKSMITHS

CROWN LOCK & HARDWARE

Joe Schoepp 415-221-9086

MAINTENANCE REPAIR

SERVICE

GREENTREE MAINTENANCE

Yvonne Figueroa 415-854-9495 Figueroa@veritasinv.com

MAVEN MAINTENANCE, INC.

Craig Lipton 415-829-2207 www.mavenmaintenance.com

ONE STOP MAINTENANCE

John Flaxa 650-296-4947 info@onestopmaintenance.co www.onestopmaintenance.co

WEST COAST PROPERTY MANAGEMENT

Joseph Keng 415-885-6970 ext. 101 www.wcpm.com

MARKETING

OPINIION

Evan Reyne 855-330-9980 evanr@opiniion.com

MEDIATION

THE BAR ASSOCIATION OF SAN FRANCISCO CONFLICT INTERVENTION SERVICE

Scott Goering 415-782-8940 sgoering@sfbar.org

MOVING COMPANIES

CLUTCH MOVING COMPANY

Steven Mandac 650-425-0353 sales@clutchmovingcompany.com www.clutchmovingcompany.com

PODS

Lee A. Wohlwerth 279-444-9733 lwohl@pods.com

PAINTING CONTRACTORS

DUNN-EDWARDS CORPORATION

Daniela Franco 415-656-9951 daniela.franco@dunnedwards.com

JH PAINTING LLC

Jesus Hernandez 415-531-7033 dezpainting@gmail.com

KRUIT PAINTING, INC. Pieter Kruit 415-254-7818 www.kruitpainting.com

PAC WEST PAINTING INC.

Brian Beaulieu 415-457-0724 www.pacwestpaintinginc.com

PETERS PAINTING SERVICES

Peter Pantazelos 415-647-4722 www.peterspainting.com

TARA PRO PAINTING INC. Brian Layden 415-822-2011 www.tarapropainting.com

PEST CONTROL

ATCO PEST & TERMITE CONTROL & HOME RESTORATION

Richard Estrada 415-898-2282 www.atcopestcontrol.com

BANNER PEST SERVICES

Brad Erekson 650-678-2300 brad@bannerpc.com www.bannerpc.com

CROWN & SHIELD PEST SOLUTIONS-PREMIER

Aurora Garcia-Vidaca 415-893-9551 www.crownandshieldpestsolutions.com

PLUMBING & HEATING

C.R. REICHEL ENGINEERING CO. INC.

Tim Lordier 415-431-7100 www.crreichel.com

FAST RESPONSE PLUMBING & ROOTER

Joseph Tinsley (415) 596-6115 frpservicesf@gmail.com www.fastresponseplumbingsf.com

FLOW MASTERS PLUMBING, INC

Mark Bush (510) 303-9550 mark@flowmastersplumbing.com

PRIBUSS ENGINEERING, INC.

Selina Pribuss 650-588-0447 selina.p@pribuss.com www.pribuss.com

Nick Capurro 650-737-4554 nick.c@pribuss.com

R & L PLUMBING

Larry Bustillos 415- 651-4977 larry@rl.plumbing www.rlplumbingsanfrancisco.com

URGENT ROOTER AND PLUMBING INC.

Albert Lee 415-387-8163 urgentrtr@sbcglobal.net

PROJECT MANAGEMENT

MELGAR REAL ESTATE SERVICES

Suzy Melgar 650-745-8186 info@mresbayareahomes.com

PROPERTY MANAGEMENT

2B LIVING

Brooks Baskin 650-763-8552 brooks@twobliving.com www.twobliving.com

ABACUS PROPERTY MANAGEMENT

Timothy Cannon 415-841-2105 tim@sanfranrealestate.com www.abacuspropertymanagement.com

ADVENT PROPERTIES, INC.

Benjamin Scott, CCRM 510-289-1184 www.adventpropertiesinc.com

ALEXANDERSON PROPERTIES

Eric Alexanderson 415-285-3737 alexandersonproperties.com alexanderson08@yahoo.com

AMERICAN CAMPUS COMMUNITIES

Hannah Lawson (415) 413-7845 lroos@hollandpartnergroup.com www.hollandresidential.com

Property Management Members

The following members are SFAA Property Management Members. They fully support the organization and are dedicated to SFAA’s goals. For more information about the benefits of becoming a Property Management Member, contact Maria Shea at maria@sfaa.org or 415-255-2288 x 110.

ADVENT PROPERTIES, INC.

Benjamin Scott, CCRM 510-289-1184 www.adventpropertiesinc.com

AMSI

Robb Fleischer 415-447-2020 www.amsires.com

CECCHINI REALTY CO.

Dante Cecchini, CCRM 415-550-8855 www.cecchinirealty.com

CITYWIDE PROPERTY MANAGEMENT

Carol Cosgrove 415-552-7300 www.citywidesf.com

DEWOLF

William Talmage 415-221-2032 www.dewolfsf.com

GAETANI REAL ESTATE

Paul Gaetani 415-668-1202 www.gaetanirealestate.com

GREENTREE PROPERTY MANAGEMENT 415-828-8757 www.greentreepmco.com

GORDON CLIFFORD PROPERTIES, INC.

Patrick Clifford 415-613-7694 patrick@gcpropertiessf.com

HRH REAL ESTATE SERVICES CORPORATION

Renee A. Engelen (415) 810-6020 www.hrhrealestate.com

J. WAVRO PROPERTY MANAGEMENT

James Wavro 415-509-3456 www.jwavro.com

LINGSCH REALTY

Natalie M. Drees 415-648-1516 www.lingschrealty.com

PAUL LANGLEY COMPANY

Misha Langley 415-431-9104 x 301 misha@plco.net

PONTAR REAL ESTATE

Merri Pontar 415-421-2877 www.pontarrealestate.com

PROGRESSIVE PROPERTY GROUP

Dace Dislere & Joe Gillach 415-515-4329

REAL MANAGEMENT COMPANY

J.J. Panzer 415-821-3167 www.RMCsf.com

S&L REALTY

Robert Link 415-386-3111 www.slrealty-sf.com

STRUCTURE PROPERTIES

Corey Eckert 415-794-0064 www.structureproperties.com

SUTRO PROPERTY MANAGEMENT, INC.

Salman Shariat 415-341-8774 www.sutroproperties.com

VERTEX PROPERTY GROUP

Craig Berendt 415-608-3050 vertexsf.com

WEST & PRASZKER REALTORS

Michael Klestoff 415-661-5300 www.wprealtors.com

WEST COAST PROPERTY MANAGEMENT

Eric Andresen 415-885-6970 www.wcpm.com

VESTA ASSET MANAGEMENT

Paul Griffiths 415-994-3033 paul@vesta-assetmanagement.com

AMORE REAL ESTATE, INC

Jerry Hsieh 415-567-4800

www.amoresf.com

ANCHOR PROPERTIES MANAGEMENT LLC

Anton Qiu 415-722-6452 anton@apcap.us

ANCHOR REALTY

Mark Campana 415-621-2700 mark@anchorealtyinc.com www.anchorealtyinc.com

ARTAL PROPERTIES

John Artal 415-647-4400 artalproperties@gmail.com www.artalproperties.com

AYS MANAGEMENT

Kevin Newsome 510-708-0165 ayspropertymanager@gmail.com

BANCAL PROPERTY MANAGEMENT

Tammy McNaught (415) 397-1044 accountingoperations@bancalsf.com tammy@bancalsf.com

BAY PROPERTY GROUP

Anna Katz 510-836-0110

anna@baypropertygroup.com www.baypropertygroup.com

BAYVIEW PROPERTY MANAGERS James Blanding 415-822-8793 xt.4 bayview60@comcast.net www.bayviewpropertymanagers.com

BEAM PROPERTIES, INC.

Darius Chan 415-254-8679 darius@sfbeam.com

BETTER PROPERTY MANAGEMENT

Steven Brown 415-861-9980 sbrown@bpm-re.com

BLVD RESIDENTIAL

Debbie Brackett 650-328-5050 dbrackett@blvdresidential.com www.blvdresidential.com

BOARDWALK INVESTMENTS Marilyn Andrews 650-355-5556 ma@boardwalkrents.com

BRIDGES PROPERTY MANAGEMENT GROUP Patricia Lee 415-205-7401 pleehomes@gmail.com

BROOKFIELD PROPERTY GROUPPRESIDIO LANDMARK Jon King 855-327-5376 jon.king@brookfieldproperties.com

CANNIZZARO REALTY John Cannizaro 415-795-2360 john@cannizzaro-realty.com

CANTRELL ASSOCIATES CORPORATION Jim Cantrell 415-956-6000 jimcha@pacbell.net

CAROL DINEEN REALTY Carol Dineen 415-212-8087 support@caroldineenrealty.com

CECCHINI REALTY Dante Cecchini (650) 255-5273 info@cecchinirealty.com

CENTERSTONE PROPERTY MANAGEMENT Ron Erickson 415-626-9944 rjerickson@sbcglobal.net

CIRRUS ASSET MANAGEMENT Paolo Pedrazzoli 818-808-3530 ppedrazzoli@Cirrusami.com

CITIBROKERS REAL ESTATE, INC.

Jason Abbey (415) 221-5000

Jason@citibrokersrealestate.com

CITYWIDE PROPERTY MANAGEMENT

Carol Cosgrove 415-552-7300 www.citywidesf.com

COIT TOWER PROPERTIES

Yoshi Yamada 415-447-6834 Yoshicoit@yahoo.com

CONSOLIDATED PROPERTY MANAGEMENT

EIC GROUP, INC.

Penny Pan 415-682-0708 office@cpmbayarea.com

CORCORAN ICON PROPERTIES

Dawn Cusulos 415-678-8854 dawn.cusulos@corcoranicon.com

CROSSBAY GROUP INC 408-512-4366

Eclipse Property Management Inc.

Terrence Tom 510-865-8700 x303 ttom@eclipsepm.net

EBALDC

Felicia Scruggs 510-287-5353 FScruggs@ebaldc.org

FOGCITI REAL ESTATE INC. PROPERTY MANAGEMENT

Paul Mora 415-674-1440 pmora@fogciti.com

FOUNDATION RENTALS & RELOCATION, INC.

Christopher Barrow 415-507-9600 cb@foundationhomes.com

GAETANI REAL ESTATE

Paul Gaetani 415-668-1202 www.gaetanirealestate.com

GEARY REAL ESTATE, INC.

Melissa Geary melissa@gearyrealestateinc.com

GEORGE GOODWIN REALTY, INC.

Chris Galassi 415-681-1265 cgalassi@goodwin-realty.com www.goodwin-realty.com

GOLDEN GATE PROPERTIES

Ferdinand Piano 415-498-0066 ferdinand@g2properties.com

GREENTREE PROPERTY MANAGEMENT

Scott Moore 415-828-8757 www.greentreepmco.com

GM GREEN REAL ESTATE INC.

George Green 415-608-6485 ggreen@gmgreen.com www.gmgreen.com

GORDON CLIFFORD PROPERTIES, INC.

Patrick Clifford 415-613-7694 patrick@gcpropertiessf.com

HOGAN & VEST INC.

Simon Wong 415-421-7116 hoganvest.com

HRH REAL ESTATE SERVICES CORPORATION

Renee A. Engelen 415-810-6020 www.hrhrealestate.com

INCOME PROPERTY SPECIALISTS

Clayton Llewellyn 408-446-0848 www.ipsmanagement.cc

JACKSON GROUP

PROPERTY MANGEMENT, INC.

Raymond Scarabosio 415-608-8300 ray@jacksongroup.net

JAMES D. MULLIN REAL ESTATE BROKER

James D. Mullin 415-470-0450

jamesdmullinre@gmail.com

JD MANAGEMENT GROUP, INC.

Jonathan Davis 510-387-7792 jonathan.davis@jdmginc.com

KEYOPP PROPERTY MANAGEMENT

Melanie Leung 628-888-6650 support@keyopp.net

KREMSDORF PROPERTIES

Jeff Kremsdorf (415) 902-2883 jeff@kremsdorf.com

LEADING PROPERTIES

Patrick Boushell 415-346-8600 x102 pboushell@leading-sf.com

LINGSCH REALTY

Natalie M. Drees 415-648-1516 www.lingschrealty.com

LUCAS & COMPANY

Susan Lucas 415-722-4724 susan@thelucascompany.com

M PROPERTIES

Mark Mangampat mark@mproperties.com

MAG MANAGEMENT

Lana August lanaml@gaehwiler.com

MARSHALL & CO. PROPERTY MANAGEMENT

Marshall Jainchill marshall@marshallproperty.com

MAVEN MAINTENANCE, INC.

Craig Lipton 415-305-7506 lipton@maveninvestments.com www.mavenmaintenance.com

MCKEEVER REALTY

Chuck Lewkowitz chucklewkowitz@gmail.com

MERIDIAN MANAGEMENT GROUP

Randall Chapman 415-434-9700 www.mmgprop.com

MILLENNIUM FLATS

Carlos Carbajal 415-420-6290 carlos@millenniumflats.com

MORLEY FREDERICKS

REAL ESTATE SERVICES

Steve Morley 415-722-4724 susan@thelucascompany.com

MOSSER COMPANY

Neveo Mosser 415-284-9000 nmosser@mosserco.com

NICE VENTURES INC

Laurie Thomas laurie@niceventures.com

NORTHPOINT APARTMENTS

Taylor Ownes-Kees 415-989-2007 towenskees@northpointsf.com www.thenorthpointapartments.com

ONERENT DBA POPLAR HOMES

Nicole Cheatham 408-381-3157 nicole@popularhomes.com

OPEN WORLD PROPERTIES

Jonathan Daryl Fleming 510-250-0946 jonathan@openworldproperties.com www.Openworldproperties.Com

ORVICK MANAGEMENT GROUP

David Orvick 408-497-1880 david@orvprop.com

PACIFIC REALTY

Kristine Delagnes 415-923-1100

kristine@pacificrealtyco.com www.pacificrealtyco.com

PAUL LANGLEY COMPANY

Misha Langley 415-431-9104 x 301 misha@plco.net

PEAK REALTY GROUP

James C. Keighran 415-474-7325 info@peakrealtygroup.com www.peakrealtygroup.com

PILLAR CAPITAL REAL ESTATE

Jonathan Ng 415-885-9584 jonathan@thepillarcapital.com

PIP INC./SFRENT

Sarosh Kumana 415-861-4554 sarosh@sfrent.net www.sfrent.net

PMREI

Paul McLean 415-999-1407 pmrei@outlook.com

PODESTO PROPERTIES

Gina Enriquez 415-794-7125 gandpofsf@aol.com

PONTAR REAL ESTATE Merri Pontar 415-421-2877 www.pontarrealestate.com

THE PRADO GROUP, INC. Andrea Hayes 415-395-0880 frontdesk@pradogroup.com

PRIME METROPOLIS PROPERTIES, INC. Tom Chan 415-731-0303 tomchan@pmp1988.com

PRO EQUITY AM

Tori Linnell 916-838-2804 vlinnell@proequityam.com

PROGRESSIVE PROPERTY GROUP Dace Dislere 415-794-9727 www.progressivesf.com

RAJ PROPERTIES

Jennifer Mayo 559-587-1318 mainoffice2@rajproperties.com www.rajproperties.com

RALSTON MANAGEMENT GROUP Keith Jurcazak 650-303-3182 kj@ralstonmanagementgroup.com www.ralstonmanagementgroup.com

RAMSEY PROPERTIES Brian E. Ramsey 415-474-5175 Brian@RamseyPropertiesSF.com

REAL MANAGEMENT COMPANY J.J. Panzer 415-821-3167 www.RMCsf.com

RENTWISE PROPERTY MANAGEMENT Brandon Temple 650-346-2006 Brandon@gorentwise.com

ROCKAWAY RESIDENTIAL MANAGEMENT Kristine Abbey 650-290-3084 kristine@rockawayresidential.com rockawayresidential.com

ROCKWELL PROPERTIES

Mark Kaplan 415-398-2400 propertymanagement@rockwellproperties.com

RNB PROPERTY MANAGEMENTGOLDEN GATE Kaveh Gorgani 415-413-3827 kaveh@rnbemail.com www.rnbgoldengate.com

RPM MANAGEMENT GROUP

Dipak Patel 415-672-1203

dipak@rpmmg.com

RYEBREAD PROPERTIES, INC.

Ryan Siu 415-385-8891

ryan@ryebreadproperties.com www.ryebreadproperties.com

SALMA & COMPANY

Ryan Salma 415-931-8259 propertymanager@salma-co.com www.salma-co.com

SHAREVEST PROPERTY MANAGEMENT, LLC

Timothy D. Gilmartin 650-347-2020 tim@thegilmartins.com

SIGNATURE REALTY PROPERTY MANAGEMENT

Paul Montalvo 650-364-3167 paul@paulmontalvo.com

SIERRA PROPERTY PROFESSIONALS

Sonali Herrera sierrappinc@gmail.com

SILVER CREEK PROPERTY MANAGEMENT

Jonathan Arguello 925-600-1818 jmsilvercreek@sbcglobal.net www.teamsilvercreek.com

SKYLINE PMG, INC.

Nicholas Bowers 415-968-9903 Nicholas@skylinepmg.com

STRUCTURE PROPERTIES

Corey Eckert 415-794-0064 www.structureproperties.com

SUTRO PROPERTY MANAGEMENT, INC.

Salman Shariat 415-341-8774 www.SutroProperties.com

TAPESTRY PROPERTIES

Roger Fong 415-334-6120 tapproperties2010@gmail.com

TOWER RENTS

Anthony Harkins 415-377-7571 tony@towerrents.com

UNITY HOMES

Sherry Brown (520) 338-7731 sbrown@unityhomes.org

VERTEX PROPERTY GROUP

Craig Berendt 415-608-3050 csb@vertexsf.com www.vertexsf.com

VESTA ASSET MANAGEMENT

Paul Griffiths 415-994-3033 paul@vesta-assetmanagement.com

VIVE REAL ESTATE

Mharla Ortega 415-495-4739 x1010 mharla@letsvive.com www.letsvive.com

WEST COAST PROPERTY MANAGEMENT

Eric Andresen 415-885-6970 www.wcpm.com

WEST & PRASZKER REALTORS

Michael Klestoff 415-699-3266 www.wprealtors.com

WICKLOW MANAGEMENT

Mike O’Neill 415-928-7377 wicklowmanagement@gmail.com www.wicklowsf.com

WILLIAM BOGGS

William Boggs 415-269-0689 sfboggsz@yahoo.com

YMPG

Yelena Gelzer 415-260-6325

yglezer@ympg-management.com

PROPERTY MANAGEMENT SOFTWARE

APPFOLIO

Mindy Sorenson 888-700-8299 mindy.sorenson@appfolio,com

DOOR LOOP

Maria Barbera 888-607-3667 mbarbera@doorlopp.com

RENT RAISERS

Michelle L. Horneff-Cohen 415-661-3860 www.propertymanagementsystems.net

YARDI

Kelly Krier 805-699-2040 kelly.krier@yardi.com

REAL ESTATE APPRAISALS

MARK WATTS COMMERCIAL APPRAISAL Mark Watts 415-990-0025 www.markwattscommercialappraisal.com

REAL ESTATE BROKERS & AGENTS

BERKSHIRE HATHAWAY FRANCISCAN PROPERTIES

Edward Milestone 415-994-5969 MilestoneRealEstateSF@gmail.com

BIG TREE PROPERTIES

Evan Matteo 415-305-4931 evan@bigtreeproperties.com

BRICK & MORTAR REAL ESTATE SERVICES

Eyal Katz 415-990-6762 eyal@brickandmortarsf.com

CHUCK & ASSOCIATES

Kevin Chuck 415-595-5832 chuckassoc@gmail.com

COLDWELL BANKER COMMERCIAL NRT

Steven Caravelli 415-229-1367 steven.caravelli@cbnorcal.com

COLLIERS INTERNATIONAL- JAMES DEVINCENTI

James Devincenti 415-288-7848 www.THEDLTEAM.com

COLLIERS INTERNATIONAL

Payam Nejad 415-288-7872 www.colliers.com/payam.nejad

COMPASS

Tim Johnson 415-710-9000 tim.johnson@compass.com www.timjohnsonsf.com

COMPASS Allison Chapleau 415-516-0648 allison@allisonchapleau.com www.allisonchapleau.com

COMPASS COMMERCIAL BROKERAGE John Antonini 415-794-9510 john@antoninisf.com

COMPASS COMMERCIAL BROKERAGE

Chris J. Connor chris.oconnor@compass.com

COMPASS COMMERCIAL BROKERAGE Adam Filly 415-516-9843 adam@adamfilly.com

COMPASS COMMERCIAL BROKERAGE Jay Greenberg 415-378-6755 jay@jayhgreenberg.com

COMPASS COMMERCIAL

Mirella Webb 415-640-4133 mirella.webb@compass.com

CROSSBAY GROUP INC. Eric Chang 408-512-4366 erictingchang@gmail.com

FERRIGNO REAL ESTATE Chris Ferrigno 415-641-0661 www.ferrignorealestate.com

HRH REAL ESTATE SERVICES CORPORATION Renee A. Engelen 415-810-6020 www.hrhrealestate.com

ICON REAL ESTATE INC. Jason Quashnofsky 415-370-7077 jason@iconsf.com

KENNEY & EVEREST REAL ESTATE, INC. Everest Mwamba 415-902-3411 maureen@kenneyrealestate.com

KILBY STENKAMP-VANGUARD PROPERTIES Kilby Stenkamp 415-370-7582

MARCUS & MILLICHAP Sanford Skeie 415-625-2153 www.marcusmillichap.com

MAVEN COMMERCIAL Matthew Sheridan 415-867-7711 matt@mavenproperties.com

THE MEZA GROUP AT SOTHEBY’S INTERNATIONAL REALTY

Christopher Meza 415-794-5194 cmeza@me.com chrismeza.com

NET LEASE EXCHANGE MehdiStar 858-243-3954 mehdi@theNLX.com nlx.colliers.com

PRIME METROPOLIS PROPERTIES, INC. Tom Chan 415-731-0303 tomchan@pmp1988.com

SF BAY RENTAL COMPANY

Leslie Burnley 415-717-8709 leslie@sfbayrentalco.com www.sfbayrentalco.com

S&L REALTY Robert Link 415-386-3111 www.slrealty-sf.com

TERRENCE CHAN Terrence Chan 415-317-7011 tchanhomes@gmail.com

WEST & PRASZKER REALTORS Michael Klestoff 415-312-2245 klestoffmre@aol.com

VANGUARD PROPERTIES Dimitris Drolapas 415-531-9659 dd@dimitrisdrolapas.com

REAL ESTATE INVESTMENTS

CHUCK & ASSOCIATES Kevin Chuck 415-595-5832 chuckassoc@gmail.com

CITY REAL ESTATE Arthur Tom 415-987-6788 art@cityrealestatesf.com cityrealestatesf.com

KENNEY & EVEREST REAL ESTATE, INC. Everest Mwamba 415-902-3411 maureen@kenneyrealestate.com

MiracleMethodSFO@gmail.com www.miraclemethod.com/San-Francisco

RENT

RENT

Michelle Horneff-Cohen michelle@propertymanagementsystems.net

RENT

www.myintellirent.com

KIDDER MATTHEWS

www.kidder.com

RESIDENTIAL LEASING

BROWN & PATKI INC. Mahesh Patki 415-513-2989 mahesh@brownpatki.com www.brownpatki.com CORCORAN ICON PROPERTIES

KENNEY AND EVEREST REAL ESTATE, INC. Maureen Kenney 415-929-0717 maureen@kenneyrealestate.com RELISTO Eric Baird 415-236-6116 x101 www.relisto.com eric@relisto.com RENTALS IN S.F.

www.rentalsinsf.com

RENTSFNOW Stephanie Versin sversin@veritasinv.com www.rentsfnow.com

SF CITY RENTS

Tracy Ballard 415-797-8296

tracy@sfcityrents.com www.sfcityrents.com

STRUCTURE PROPERTIES

Corey Eckert 415-794-0064 www.structureproperties.com

VERTEX PROPERTY GROUP

Craig Berendt 415-608-3050 csb@vertexsf.com www.vertexsf.com

SECURITY

SWIFTLANE

Jennifer Torres 949-327-1110 jtorres@swiftlane.com www.swiftlane.com

SECURITY DEPOSITS

THE GUARANTORS

Alexandra Nazaire 212-266-0020 alexandra.nazaire@theguarantors.com www.theguarantors.com

SEISMIC RETROFIT & STRUCTURAL ENGINEERING

BAI CONSTRUCTION

Behnam Afshar 510-595-1994 x101 www.baiconstruction.com

CONNOR DALY CONSTRUCTION

Connor Daniel Daly 415-205-0346 connor@connordalyconstruction.com www.connordalyconstruction.com

ONE DESIGN, INC.

Erevan O’Neill 415-828-4412 simone@onedesignsf.com www.onedesignsf.com

WEST COAST PREMIER CONSTRUCTION, INC.

Homy Sikaroudi, PhD, PE 510-271-0950 www.wcpc-inc.com

STAFFING

BG MULTI-FAMILY

Shannon Valentino 714-654-9498 svalentino@bgmultifamily.com

INTERSOLUTIONS LLC

Janet Mondani 628-682-5574 jmondani@intersolutions.com www.intersolutions.com

STUDENT HOUSING

AMERICAN CAMPUS COMMUNITIES

Hannah Lawson 415-310-2388 hlawson@americancampus.com

SUBMETERS

LIVABLE

Daniel Sharabi 415-937-7283 www.livable.com

TENANT PLACEMENT & LISTING

STRUCTURE PROPERTIES

Corey Eckert 415-794-0064 www.structureproperties.com

WATER CONSERVATION SERVICE

SF PUBLIC UTILITIES COMMISSION

Chandra Johnson 415-554-0704 www.conserve.sfwater.org

WATER DAMAGE SERVICE

BLUSKY RESTORATION CONTRACTORS

Noelle Airey 925-440-2074 noelle.airey@goblusky.com www.goblusky.com

DRYFAST PROPERTY RESTORATION LLC

Ivan Angelov 415-861-8003 info@dryfast.net https://www.dryfast.net/

FARAGON RESTORATION LTD

Christian Munk 415-648-6418 ops@faragonrestoration.com www.faragonrestoration.com

www.waterdamagerecovery.net

Concrete Concerns

written by JAY H. GREENBERG

Sales momentum builds as the market adapts to rate cuts and awaits upcoming retrofit regulation.

The first three quarters of 2024 are in the books, and the statistics are reported below. As we head into the fourth quarter, there is positive momentum and increased activity levels in the sales market. In September, the Federal Reserve lowered the federal funds rate by .5%, marking a shift from the previous trend of rate hikes. Despite the rate cut, rates for borrowers have not come down.

In April of this year, the Mayor’s Office issued Executive Directive 24-01, mandating the Department of Building Inspection (DBI) to develop and publish retrofit criteria for concrete buildings by October 16, 2024. Despite the deadline passing, DBI has not yet released the specified retrofit criteria. I’ve reviewed the proposed ordinance, and below are my thoughts on the direction I believe the City will take for concrete buildings.

Of course, the statistics for the third quarter of 2024, comparing the 5-9unit sector and the 10-plus-unit sector to the same period from 2019 to 2024, are also included.

5-9 Units

The average price per square foot was $549 in 2019 before reaching a new high of $570 in 2020. Since then, the average price per square foot has steadily decreased to $527 in 2021, $510 in 2022, and $445 in 2023. Finally, in 2024, this number dropped

to $411—a decade low and an 8% decrease in a year-over-year comparison.

Gross Rent Multipliers (GRMs) peaked in 2017-2018 and have since gradually declined. The average GRM was 17.22 in 2019, 16.01 in 2020, and 14.79 in 2021. In 2022, the average GRM inched up to 15.05 before plummeting to 13.17 in 2023. In 2024, the downward trend continued, with our thirdquarter average coming in at 11.93—a decade low and a 9.5% decrease in a year-over-year comparison.

The cost per unit had been steadily rising since 2017 before peaking in 2020. The average cost per unit was $491,000 in 2019 and $500,000 in 2020. This number decreased to $447,000 in 2021, held at $448,000 in 2022, and then dropped to $360,000 in 2023. In 2024, the cost per unit increased slightly to $374,000—a 4% increase in a year-over-year comparison.

In 2019, the dollar volume for the third quarter came to $265 million before dropping to $188 million in 2020. Dollar volume rebounded nicely to $211 million in 2021 and $270 million in 2022 (a decade high). We saw a sharp decline to $146 million in 2023, and a moderate increase to $183 million in 2024—a 25% increase in a year-overyear comparison.

As for the number of closings during this period, there were 81 sales in 2019, but this number decreased to a

decade-low of 60 in 2020 due to the pandemic. The market rebounded with 74 sales in 2021 and 96 sales in 2022. The number of closings dropped to 65 in 2023, and in 2024, jumped again to 82—a 26% increase in a yearover-year comparison.

10-Plus Units

The average price per square foot was $600 in 2019 before dipping to $569 in 2020, $514 in 2021, and $443 in 2022. We saw a 17% decrease to $366 in 2023 and inched down slightly to $363 in 2024.

The average GRM was 16.05 in 2019 and then dropped to 15.72 in 2020, 18.85 in 2021, and 13.42 in 2022. Notably, the average GRM retreated further to 10.54 in 2023, representing a 21% decrease from the previous year. GRMs remained steady in 2024, coming in at 10.72.

The average price per unit dipped from $439,000 in 2019 to $424,000 in 2020, $374,000 in 2021, $341,000 in 2022, and $277,000 in 2023—an 18% decrease from the previous year. In 2024, the average cost per unit reached a new low of $250,000—another 10% drop from the previous year.

Dollar volume decreased from 2019 to 2021, coming in at $436 million, $325 million, and $318 million, respectively. In 2022, dollar volume rebounded to $407 million before sinking again to $129 million in 2023—a decade low and a 68% decrease in a year-overyear comparison. We saw a bit of progress in 2024, with dollar volume inching to $141 million—a 9% increase from the previous year.

There were 50 recorded closings during the third quarter of 2019, and this

Landlord Expo

Multi-Family Housing Extravaganza

Rental Housing Expo, Classes & Community March

19th, 2025

save the date save the date

Our Landlord Expo will offer attendees a chance to engage with city agencies, industry experts, and fellow rental property owners through a packed schedule of free seminars and Q&A panels.

NERT

NEIGHBORHOOD EMERGENCY RESPONSE TEAM (NERT)

Get prepared and be involved. NERT is a communitybased training program that takes a neighbor-helping-neighbor approach, creating lifelines between families, neighbors, and San Francisco’s emergency responders.

NERT is a free training program for individuals, neighborhood groups, and community-based organizations in San Francisco. Individuals learn the basics of personal preparedness and prevention. Participants learn hands-on disaster skills that will help them as members of an emergency response team and/or as a leader directing untrained volunteers during an emergency, allowing them to act independently or as an adjunct to City emergency services.

Enrollment is easy! Want to host a NERT training in your San Francisco building or neighborhood? Classes will be scheduled based on program need and location. To request a class, you must have thirty sign-ups and an ADA compliant space able to accommodate at least eighty people.

Neighborhood Emergency Response Team (NERT) (415) 970-2022

SFFDNERT@sfgov.org

NERT Class Sign-Up Hotline (415) 970-2024

number has since jumped around. There were 37 sales in 2020, 52 in 2021 and 2022, and 28 in 2023—a 46% decrease from the previous year. We saw a small jump to 34 closings in 2024.

The data sources for these reported numbers are Jay Greenberg, Vitaly Rutus, San Francisco Multiple Listing Service, and Costar Comps.

My Two Cents

The market is gaining momentum as we head into the fourth quarter. We have increased activity levels at showings and in offer submittals. Additionally, the dollar volume and number of transactions have increased in both reported categories in a year-over-year comparison. Value indicators remain at or near decade lows; we are hoping rate cuts will help value indicators going forward.

The Federal Reserve cut interest rates by .5% on September 18, 2024, lowering the federal funds rate to a range of 4.75%-5.00%. This was the first interest rate reduction in over four years, surprising many who expected a smaller cut of .25%. This rate decrease signals the beginning of a potentially faster ratecutting cycle. On the ground level, rates are approximately one percent lower than in the third quarter of 2023. Currently, five-to-seven-year fixed rates are hovering around the six percent mark.

Executive Directive 24-01, issued by the mayor’s office on April 16, 2024, mandated that the DBI develop and publish retrofit criteria for concrete buildings by October 16, 2024. Despite the deadline passing, DBI has not yet released the specified retrofit criteria (as of this writing).

After reviewing the proposed ordinance, I anticipate that DBI will publish retrofit criteria for concrete buildings within the next year. This will likely include a multiphase screening and evaluation process to assess seismic vulnerabilities. While owners may choose to voluntarily implement retrofits, there will be no mandatory requirement to do so.

A new alternative procedure, BSE-1E , is expected to ease the burden on property owners. BSE-1E focuses on life safety during less intense seismic events, offering more flexibility for retrofitting older buildings. This procedure is particularly relevant for buildings where higher performance objectives are too costly or technically challenging. It provides a more feasible approach to balancing safety improvements with the economic realities of retrofitting nonductile concrete buildings.

Please note that unforeseen changes can occur—as recent years have shown. This is just my interpretation of the situation.

As of this writing, most election results are in. If the current vote leaders hold their positions, the Bay Area’s real estate industry will experience a much friendlier political climate.

Daniel Lurie has won the Mayoral election, with Incumbent London Breed conceding. California’s Proposition 33, which sought to expand rent control, was soundly defeated for the third time. It appears that California’s Proposition 34 will pass and stop Michael Weinstein (Prop. 33 sponsor) from using proceeds from a federal drug program to fund future campaigns.

Dean Preston, a notorious anti-real estate and anti-housing progressive, was ousted from the Board of Supervisors by Bilal Mahmood, who is considered a moderate.

I regularly disseminate emails addressing legislative and political issues affecting property owners. To receive my emails, kindly send me a message at jay@ jayhgreenberg.com, and I will ensure you are added to my mailing list.

For additional information related to current market conditions or other real estate matters of concern, reach out anytime.

maintenance, and legal compliance has earned them a reputation for reliability and responsiveness. The company’s dedication to creating a smooth, hassle-free experience for both property owners and tenants is reflected in their top-tier services, including in-depth property inspections, tailored marketing strategies, and access to a network of trusted vendors.

Property Manager

Renee Engelen, HRH Real Estate Services

As someone who has been instrumental in maintaining the high standards of her property, Renee’s attention to detail and commitment to service have been key factors in her success. She takes pride in being able to meet the diverse needs of the residents, always ensuring a safe, clean, and comfortable environment for everyone. “It’s such a rewarding feeling knowing that my contributions have made a positive impact.”

What Renee enjoys most about her work is the opportunity to connect with people— whether it’s working alongside her colleagues or interacting with residents. “Building strong relationships with the people I serve and work with is one of the most fulfilling parts of my job,” she shares. Renee also credits her adaptability and problem-solving skills as crucial to managing the ever-evolving challenges in property management. Her ability to balance efficiency with a caring approach has been a significant factor in her ongoing success. As for where she’ll place her trophy, Renee plans to proudly display it at work, where it will serve as a reminder of the teamwork and dedication that led to her well-deserved recognition. Through her work, she continues to contribute to the positive energy and growth of her community, leaving a lasting impact on the residents and colleagues she serves.

Onsite Property Manager, Over 250 Units

Jallen Kwa, Greystar

Jallen was over the moon to have won a Trophy Award, a recognition he feels validates his hard work with Greystar. “Winning this award is a nod of acknowledgment for everything we’ve accomplished together,” he shared. His success is rooted in perseverance and a positive outlook, which he believes are essential in the ever-changing world of property management.

He takes pride in his role as a problem solver, always striving to create a comfortable home for his residents while staying within budget. Managing 240 Dolores marked a significant milestone in his career, where he celebrated 100% occupancy and built lasting relationships with an incredible team. “Seeing happy residents reminds me why I do what I do,” he said. With immense gratitude for his supportive team and mentors, Jallen looks forward to continuing his journey in the vibrant city of San Francisco, where there’s truly something for everyone.

Onsite Property Manager, Under 250 Units

Salvador Benitez, Greystar

Salvador’s excitement and pride in his Trophy Award reflect his deep commitment to both his craft and his team. “I was absolutely thrilled and honored,” he shares, recognizing that the win is a testament to the hard work, dedication, and collaboration that brought the building to life. Salvador believes their success stems from a blend of innovation, attention to detail, and strong team dynamics, with everyone working together to push boundaries while maintaining the integrity of the project.

One of Salvador’s proudest moments came when he saw the building take shape, knowing it would make a positive impact on the community. The opportunity to improve

Background

environments and enrich people’s experiences through design is what fuels his passion. “There’s a real sense of fulfillment in creating something meaningful and lasting,” Salvador reflects. His Trophy Award, now displayed on his windowsill, is a daily reminder of his team’s collective effort and the lasting difference they’ve made.

Resident Manager, Over 1,500 Units

Christopher Kublman, Veritas

This recognition is a testament to Christopher’s dedication, expertise, and unwavering commitment to his community. His exceptional attention to detail, empathy, and years of industry experience have played a pivotal role in his success, enabling him to maintain a balanced and harmonious living environment. Christopher takes great pride in helping residents feel comfortable and content in their homes, a passion that continues to drive him every day.

Of his professional achievements, Christopher is especially proud of overseeing renovations of 41 out of 61 units while navigating the challenges of a post-COVID world. His ability to keep things running smoothly, even with everyone working from home, showcases his remarkable problem-solving skills. He humbly credits his colleagues for the success, saying, “This wouldn’t be possible without the hard work and dedication of my colleagues.” As he admires his award sitting on his home office desk, illuminated by the light, Christopher’s deep love for San Francisco shines through, and his sense of gratitude for his team and the city is clear.

Resident Manager, Under 1,500 Units

Monica Rivas, Greystar

Monica is “very proud, honored, and grateful” to have won an SFAA Trophy Award. Her focus on customer service has been a cornerstone of her success, with an emphasis on meeting residents’ needs, paying attention to the smallest details, and ensuring that no loose ends are left unresolved. “Speaking a second language has been extremely helpful,” she adds, highlighting how her bilingual abilities have enhanced communication and strengthened her connections with a diverse community.

What Monica enjoys most about her role is the opportunity to connect with both her colleagues and the residents she serves. “I love the interaction with my coworkers and residents,” she says, underscoring the sense of camaraderie that makes her work fulfilling. Being on the front lines and knowing that her position holds purpose is one of her greatest achievements. “I have a lot of support from management and my colleagues,” she notes, recognizing the importance of teamwork in creating a positive, thriving environment. Proudly displaying her Trophy at work, Monica’s love for San Francisco shines through. Born and raised in the city, she cherishes its rich cultural diversity, iconic landmarks, and vibrant neighborhoods.

Service Technician

Connor Grant, Flow Masters Plumbing Conner was “completely shocked” when he learned that he had won a Trophy Award, feeling both privileged and honored to receive such recognition. He attributes his success to a strong work ethic and a focus on always doing what’s best for the customer. “The one thing that I have always worked hard at was . . . working hard!” he says, highlighting his commitment to excellence.

One aspect Conner particularly enjoys is solving problems for others. He takes pride in leaving people in a better place when he’s done. His career has been marked by achievements, including winning awards for superior boiler installation projects, but he finds the greatest satisfaction in turning challenging situations around. “It’s very satisfying to see the relief in someone when we make a problem go away!” Conner proudly

TIS THE SEASON

We can all agree that this year has been tough in different ways for just about everyone. If you’re looking for ways to give back this holiday season, consider supporting your community through these local organizations.

PLANNED PARENTHOOD - SAN FRANCISCO

weareplannedparenthood.org

A nonprofit organization that provides comprehensive sexual and reproductive health care services. They offer a wide range of services, including birth control, STD testing and treatment, cancer screenings, LGBTQ+ health care, and safe, legal abortion services. Planned Parenthood works to ensure everyone has access to affordable, high-quality health care, regardless of background or income.

MEALS ON WHEELS

mowsf.org/donate

Help make the holidays cheerier for thousands of San Francisco seniors by donating to Meals on Wheels. Meals on Wheels provides a network of services that allow seniors to live in their homes with dignity and independence. They are the only organization in San Francisco that offers two home-delivered, nutritionally tailored meals every day, seven days a week.

MENTAL HEALTH ASSOCIATION OF SAN FRANCISCO

mentalhealthsf.org

MHASF has been a San Francisco nonprofit and a leader in peer recovery for hoarding and cluttering for 75 years. MHASF peer-based counseling and support services are designed to improve quality of life and prevent eviction and homelessness for individuals living with hoarding behaviors, while offering support to family members and professionals working with hoarding behavior challenges.

SAN FRANCISCO HOUSING FOUNDATION

sfhousingfoundation.org

In partnership with the San Francisco Apartment Association, SFHF helps rental property owners who do not speak English as their primary language keep up with San Francisco’s ever-changing landlord-tenant laws through education and translation services.

SWORDS TO PLOWSHARES

swords-to-plowshares.org/donate

Swords to Plowshares is a Bay Area-based nonprofit organization dedicated to supporting all veterans, including 3,000 homeless, low-income, and at-risk local vets each year. The organization offers employment and job training, supportive housing programs, permanent housing placement, counseling and case management, and legal services.

displays his Trophy Award at home alongside other accolades on his trophy wall. He also appreciates the fast-paced nature of his work in San Francisco, where everything is more concentrated than in his hometown in Ireland.

Pam McElroy is the editor of SF Apartment Magazine.

Get information on SFAA classes, apartment industry news & excerpts from SF Apartment Magazine at www.sfaa.org

SFAA IS HERE TO HELP

If you or your tenants need help with any part of the application processes, turn to SFAA for assistance at no charge.

SFAA is available to help underresourced tenants and housing providers navigate the application process with counseling, translation services, and with completing and submitting the application.

San Francisco Apartment Association (415) 255-2288 www.sfaa.org renthelp@sfaa.org

it now appears that the Board of Supervisors will be more moderate than any time in recent memory, in part due to a sustained, coalition effort that SFAA has participated in for years, and which appears to have finally paid off in part. SFAA is now looking forward to working with San Francisco’s new Mayor and with a new Board of Supervisors on the issues that matter most to SFAA members.

We also thank Mayor London Breed for her service to the City. Breed led the way to keep San Franciscans safe during COVID (SF had the lowest mortality rate of any major city in the country,) and more recently, fought tirelessly with an uncooperative Board of Supervisors to make progress on issues important to our organization: addressing homeless encampments, cracking down on open-air drug use on our streets, fighting for a fully-staffed and funded police department, and working to revitalize downtown. We wish her all the best in her future endeavors.

Thank you to all SFAA members who supported our political and legislative efforts in 2024. Between Props 33 and 34, Prop B, and supporting our individual candidates financially, we know much was asked of you. We’re relieved that progress has been made to protect your rights and to create a better and friendlier environment for rental housing providers at City Hall. Progress is incremental, and though there are no elections in 2025 (thankfully,) we’ll continue to work and advocate on your behalf.

Charley Goss is SFAA’s Director of Government Affairs and can be reached at 415-255-1112.

SFAA Needs You.

Support SFAA’s legal challenges to unjust legislation by donating to the SFAA Legal Fund. SFAA needs to stay relevant to remain effective. Help to further grow the legal fund. It will make a difference. Check out

sfaa.org/Public/Fundraising/Give_Now to find out more.

sfaa 2024

trophy awards

sfaa sfaa 2024

What You Need to Know

VIRTUAL MEMBER MEETING

WEDNESDAY, JANUARY 28

10:00 a.m. to 11:00 a.m.

PROPERTY TAXES DUE

TUESDAY, DECEMBER 10

For payment options and instructions, see column on the right.

SFAA TOYS FOR TOTS DRIVE

SFAA is hosting a toy drive until December 13. Stop by the office with a new, unwrapped and unopened toy.

a tenant refusing to timely pay rent. For instance, if a dwelling has habitability defects, there are circumstances where a tenant can withhold rent. AB 2747 is clear that it does not impair those rights and that rent is still “timely” even if withheld pursuant to those remedies.

Finally, AB 2747 does not apply to landlords who own a single building containing 15 or fewer units, unless the landlord is a real estate trust, corporation, or LLC with a corporate member.

The above content was written by Justin A. Goodman and reprinted with permission. The content is general in nature and is not intended to create an attorneyclient relationship. Contact a professional regarding your specific situation.

Property Taxes Due

The annual tax bills are paid in two installments: December 10 and April 10. They will become delinquent if not paid by each due date.

You can pay your bill, view and print your current property tax statements, and view past payment history by visiting the Property Tax Payment Portal. Additionally, you can pay your tax bill at City Hall, by mail, or wire transfer.

For more information or to access the Property Tax Payment Portal, visit: sftreasurer.org/payments/property-tax-payment

SFAA Office Update

SFAA’s office is open Monday through Friday. Members are welcome to come into the office to pick up rental forms or for counseling services between the hours of 10:00 a.m. and 5:00 p.m. Please call the SFAA office to confirm your lease order and make an appointment for counseling whenever possible.

All SFAA staff members are available to assist you every day of the week. Rental forms can be accessed online at sfaa.org. The best way to have your questions answered is by calling the office at

415-255-2288 and, if needed, selecting a staff member’s extension. Questions can also be submitted via email to MemberQuestions@sfaa.org.

And just a friendly reminder: Timely payment of membership dues is the best way to help the association help you.

sfaa 2024

Thank you for joining the San Francisco Apartment Association. SFAA is dedicated to educating, advocating for and supporting the Rental Housing Community so that its members operate

and

Please consult a tax preparer in advance to determine deductibility

MIKE STACK

415.580.9095

mikestack@vanguardsf.com

DRE #01932280

Legal Questions

Confused about local and statewide rental housing laws? Take advantage of SFAA’s legal information network. Before every SFAA General Membership Meeting, a diverse panel of San Francisco landlord attorneys answers your questions about your property, your tenants and the San Francisco Rent Ordinance. SFAA monthly meetings and legal panels are a benefit just for members, so make sure you are getting the most out of your membership and be sure to attend the next meeting. Email Maria with questions for the panel: maria@sfaa.org

San Francisco Apartment Association

Ways to Connect.

Email SFAA at MemberQuestions@sfaa.org to have your questions and concerns promptly addressed, or call the office at 415-255-2288. You can also follow the happenings of your fellow SFAA members and find out the latest in the industry by connecting with SFAA.

• Email SFAA at MemberQuestions@sfaa.org

• Follow SFAA on Twitter at twitter.com/SFAptAssoc

• Follow SFAA on Linkedin

• Follow @SFaptmagazine on Instagram

MAKE A TAX-DEDUCTIBLE CONTRIBUTION TO THE SFAA LEGAL FUND

Despite our best efforts to advocate on your behalf, in a tenant-friendly city like San Francisco, legislators looking to appeal to their base will often pass overly antagonistic laws toward property owners, infringing on your rights.

To protect rental property owners in San Francisco, SFAA established the SFAA Legal Fund in 1998. This fund initiates litigation against the City and County of San Francisco when City Hall passes laws we believe are unconstitutional or illegal.

In 2022, SFAA sued the City to successfully partially overturn a law that required rental property owners to send ten-day warning notices before issuing a three-day notice. In 2024, after the City appealed the decision, SFAA’s Legal Fund successfully overturned the law.

In 2023, SFAA filed litigation against City Hall to challenge the voterapproved Residential Vacancy Tax, arguing that it violated the Constitution as a violation of the Takings Clause, Substantive Due Process, Equal Protection, and the state’s Ellis Act. After months of delays, in November 2024, the San Francisco Superior Court sided with SFAA on all causes of action and struck down the vacancy tax. In overturning the vacancy tax, SFAA’s Legal Fund saved property owners an estimated $9 million in 2024 alone.

Tax-deductible contributions to the SFAA Legal Fund are needed now as we prepare to argue our vacancy tax case in the Court of Appeals.

You can contribute to the SFAA Legal Fund by writing a check to:

SFAA LEGAL FUND

265 IVY STREET SF, CA 94102