Regional Property Manager Blows the Whistle on High Cost Rent for Seniors and Low-Income Students

SAN FRANCISCO - May 22, 2015 - PRLog -- Over the last two years, George Shafazand, a Regional Property Manager for Vaam Corp., has seen owners of real estate properties managed by area companies (from single residential units to large apartments and commercial units), specifically request tenants not to renew their leases amid getting newer and higher-paying tenants – due to growing demand resulting from the area's tech-boom.

“Some of the wealthy young people are literally coming down with bags of cash, and whatever the offer price is, they’re offering $200,000 over — in cash,” stated Cobalt Corazon- a first-time homeowner interviewed by Aljazeera America for their recent housing crisis article (http://america.aljazeera.com/articles/2015/2/3/san-francisco-affordable-housing-is-unaffordable.html) on the San Francisco housing crisis.

From what Shafazand has witnessed, he says, “Almost all the older senior housing is being converted to lofts for the high-tech or startup employees with a great pay scale, leaving the students and seniors homeless.”

With ever-increasing public scrutiny, companies are stepping in to help out. Notably, Twitter has recently launched a community outreach program called ‘NeighborNest’, which is located in San Francisco’s low-income Tenderloin neighborhood. The goal for the center is to create a place where homeless and low-income residents can improve their job skills, search for housing, and get access to computers. However, this alone hasn’t been enough to appease community housing advocates.

There is additional speculation that many low-income property site managers are taking bribes from people to move their application to the top of the list of potential renters. Despite many people being audited and occasionally losing their jobs for such a practice, there hasn’t been enough consequence to stop this controversial practice.

Local officials have fought to find an adequate solution for low-income residents with a potential law barring discrimination against recipients of federal Section 8 housing subsidy vouchers. While local cities (including San Francisco) have adopted ordinances to prohibit such Section 8 discrimination, advocates say that Section 8 participants are still experiencing discrimination.

Officials have additionally proposed a “Just Cause” ordinance in an effort to prevent tenants from being evicted without reason. Bay Area cities like Oakland, San Francisco, Berkeley and Hayward have adopted similar laws, but it still has not stopped the rising cost of rent for seniors and low-income students living in the area.

“This practice has been going on for a very long time,” comments Shafazand. “My only hope is that through growing support, media attention, and community protest that the issue gets resolved in favor of the low-income community, whether it be on a local, state or even federal level.”

Currently, the National Low Income Housing Coalition (http://nlihc.org/) and Housing California are advocating for an affordable National Housing Trust Fund and boosting the state’s low -income housing tax credit as possible solutions, though no official provisions have yet to be announced.

About the company:

Vaam Corp offers a variety of temporary housing options depending on their clients’ specific needs. This includes extended-stay hotels, corporate apartments, furnished apartments for rent, privately owned houses, condos and vacation properties.

For media inquiries regarding Vaam Corp., contact Regional Property Manager, George Shafazand directly at 408-595-4027 or via email at g.shafazand@vaamcorp.com. To learn more about the company, please visit: www.vaamcorp.com.