What began in New York City some years back as a virtual gouging of tenants who had occupied apartments for years only to discover their monthly rents raised up to $300 in a single month by avaricious owners and management companies has tsunamied itself across the continent to our coastal town. When partnerships from Beverly Hills include unnamed investors who purchase properties solely to generate income, no one should act shocked.
Santa Barbara remained, for the most part, affordable for decades until real estate agents started comparing it to the likes of San Francisco and Newport Beach. Much ballyhoo has been made regarding the Mirasol Plaza Inn, for years, a vacant parcel that was only recently was dismantled. Why did this take so long? Is this an example of slow growth?
Smart landlords keep their rents down and keep their units occupied by dependable tenants. There should be more incentives to reward owners and management companies who offer affordable housing in this community. Act now; the other shoe has already dropped.