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The California Association of Realtors issued a statement from president Jared Martin, saying it is disappointed by the passage of the bill, which moves California toward statewide rent control.
The property features 355 apartments, 20 percent of which are affordable housing units, 43,000 square feet of retail space and several public open spaces.
In this seller's market, buyers are increasingly committing non-refundable deposits, even when a seller finds an issue during the due diligence period.
Assembly members voted 46-22 to limit annual rent increases at 5% plus inflation until 2030 but would not apply to housing built in the last 15 years, single-family homes not owned by corporations/trusts and duplexes where the owner lives in one unit.
The less than one-acre site at 6747 Collins Ave. was the last undeveloped beachfront lot in North Beach, located between the Deauville Beach Resort and Sterling Condominium buildings.