Owners with only one rental unit may be facing rent contol in San Jose.
We’ve had this discussion several times and yet, some of our San Jose City Council members keep bringing it back to the table. The question they keep asking is, should duplexes be added to the TPO (Tenant Protection Ordinance)?
Many duplex owners (including me) purchased our property years ago with a plan. The plan was to rent out one side and live in the other. Due to the cost of housing in San Jose, the rented side did not pay the mortgage. In fact, in the beginning an owner did well to receive even so much as a third of the property costs. But as time went on and rents went up the percentage got closer to being a shared cost. If an owner worked at paying down the mortgage over the years, they could possibly refinance with little or no mortgage when the time came for them to retire. For a number of owners with no company retirement or pension, this is the best scenario they could hope for.