The tactic has worked for some working-class tenants South of Market.READ MORE: VIDEO: Cars Impounded for Reckless Driving Following Daytime Oakland Sideshow
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.”READ MORE: San Francisco Real Estate: Long-Time Tenants Get $475,000 Buyout To Move Out Of Apartment
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.MORE NEWS: Sonoma County Board of Supervisors Vote 4-1 in Favor of Costly Downtown Move
The land trust ends up owning the land, while the residents inside formed a co-op to buy the building.