SAN FRANCISCO (KCBS) — A community land trust has bought another San Francisco apartment building, using a new tactic to try and save affordable housing from the red-hot pace of development.
The tactic has worked for some working-class tenants South of Market.
The San Francisco Community Land Trust, along with other organizations purchased the five unit building on Natoma near Sixth Street.
Supervisor Jane Kim told KCBS that “For every two units of affordable housing we build, we lose one rent-controlled unit here in San Francisco. And, rent-controlled units are our housing stock for middle class and working class residents.”
Teddy Ortega has lived in the building for forty years.
“I cannot afford to move out, because rent is skyrocketing, it’s expensive. It’s terrible. That’s why I don’t know where to go. It relieves my worries now because of the community land trust,” Ortega said.
The land trust ends up owning the land, while the residents inside formed a co-op to buy the building.