[refurb]

I'm pretty sure the building is worth much more than $2m.

Assuming all the units are under rent control, it might not be worth much more than $2M.

A good example is my place in SF. 3 unit building in a very desirable neighborhood. If the place was empty? It would likely fetch $5M based on square footage.

With 3 tenants who have been there 10 years and have rent control? My realtor tells me they base it on cap rate and with only $7000 in rent being collected, the landlord would be lucky to $1.5M for it.

[jeffbee]

That's a pretty dumb example. With those figures they could pay each tenant half a million to GTFO and still clear two million.

[refurb]

Rent control saved me $300,000 over 7 years. If I wanted to stay in SF for the rest of my life, you think I’d move out for $500,000? The lifetime value of rent control is more than $500,000.