City officials in San Francisco have confirmed that Related Companies has asked for approval to convert 40 apartment units at its 40-story luxury apartment tower at 1550 Mission to intermediate length occupancy (ILO), which would allow the company to seek corporate housing rentals.
Corporate rental units, which generally are offered for a term of more than 30 days but less than a year, were a hot commodity in San Francisco before the pandemic hit—until the city passed a law in 2020 aimed to discourage Airbnb rentals from being used as illegal corporate rentals.
Matthew Dito, the city's senior planner, told TheRealDeal that Related wants to put ILO units in all four of its San Francisco residential towers. Two of the requests have been denied by the city, but requests relate to 1550 Mission and 680 Mission are moving forward, he said.
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