Developers Picking Up CitiApartments' Crumbs

Troubled San Francisco landlord begins to sell of assets

Friday, Oct 2, 2009  |  Updated 5:52 AM PDT
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Tenants Team Up Against CitiApartments

CitiApartments' old properties is turning into a goldmine for developers in San Francisco.

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Renters Revolt Against CitiApartments

CitiApartments is going broke and its trouble are starting to trickle down to angry renters.

Tenants Team Up Against CitiApartments

CitiApartments is already facing a lawsuit filed by the San Francisco city attorney's office claiming the landlord uses illegal intimidation tactics to force tenants to move. Now tenants are teaming up in a class action lawsuit demanding the group refund deposits.
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The churn over at mega-landlord CitiApartments— they've lost dozens of properties to banks now— is turning out to be a gold mine for property owners who have wanted in on more of the market but have been shut out in recent years.

According to the San Francisco Business Times some 30 of the properties that CitiApartments once owned (and had to give up to their lenders) have now been sold at a discount of 25 to 40 percent of what they were bought for. And thus heralds the birth of the baby Citis.

There is no word on how the baby Citis would actually help struggling tenants who have been fighting for the CitiApartments' building they live in to be maintained. Others are also still trying to get their deposit checks back, months after moving out of the buildings.

Curbed SF contributed to this report.

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