CA - Silicon Valley: Fair Rent Increase

I live in the Silicon Valley area in California where the rental rates are sky high. I live in a nine-plex apartment building in a relatively nice area for the last 11years. Although it is an older building (probably around 30+ years old), it has been kept up fairly well. About every couple of years, the rent was increasd (low jumps - about 8% - 10%) every other year and for the last 3 years, increases happened annually. My last increase was a year ago (8% exactly).
The building was sold a month ago. This week, I received notice that my rent was increased 30%, starting after next month.
I heard that for a building that is more than a certain number of years old, the landlords cannot raise the rent more than 8%-10% each year. Is this true?
'Course this is a "catch-22" situation. If I stand up for my rights, they can evict me and I will be forced to move, pay higher rent (if I can find another place) because they can rent this apartment, even as old as it is, quickly. Rentals are snatched up quickly even with the sky high rents (average rent for a 1 bedroom is now $1200.; studios (rare find now a days) are $900.)
I would just like to know my tentant's rights living in an older building and not feel too badly that they are taking unfair advantage of the real estate situation in this area.
Any advice or help would be appreciated.

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by tami13:
I live in the Silicon Valley area in California where the rental rates are sky high. I live in a nine-plex apartment building in a relatively nice area for the last 11years. Although it is an older building (probably around 30+ years old), it has been kept up fairly well. About every couple of years, the rent was increasd (low jumps - about 8% - 10%) every other year and for the last 3 years, increases happened annually. My last increase was a year ago (8% exactly).
The building was sold a month ago. This week, I received notice that my rent was increased 30%, starting after next month.
I heard that for a building that is more than a certain number of years old, the landlords cannot raise the rent more than 8%-10% each year. Is this true?
'Course this is a "catch-22" situation. If I stand up for my rights, they can evict me and I will be forced to move, pay higher rent (if I can find another place) because they can rent this apartment, even as old as it is, quickly. Rentals are snatched up quickly even with the sky high rents (average rent for a 1 bedroom is now $1200.; studios (rare find now a days) are $900.)
I would just like to know my tentant's rights living in an older building and not feel too badly that they are taking unfair advantage of the real estate situation in this area.
Any advice or help would be appreciated. <HR></BLOCKQUOTE>

You know that you live in the real estate hot spot of America spurred by the dotcom and IPO success. In fact I heard talk of a People's Republic of Silicon Valley. Unless the area has some type of rent control, you are out of luck. I suggest you go with the flow or you will be forced on the www (world wide wait) for another place to rent at $5000/month. My talk is about the law of real estate. Your talk is about the law of supply and demand. Silly con Valley law of the real estate jungle "limited supply, heavy demand". The king of beasts is not the lion in this jungle, it's the money with a beard and a growl.

"Tenant Sleeps Tonight" (sung to the tune of the Lion Sleeps Tonight; follow the dancing dollars ~$$$~)

Oh thisaway, oh thisaway, oh thisaway, oh thisaway (2X)

In the jungle, the mighty jungle, the dotcoms work thru the nite.
In the jungle, the mighty jungle the tenants on the streets tonight.
Ooheee,eee,eee,eee ohee I don't know the way (2x)


In the valley, the hustling valley, the landlords buy tonite.
In the valley, the hustling valley, the tenants lose again tonite.
Ooheee,eee,eee,eee ohee I don't have a say (2x)

Keep repeating until you run out of rent money. Then end.

With love and misses,
Silicon(e) Sally

OH BOO HOO HOOOOOOO

$1200 for a one bedroom thats CHEAP.....I dare you to find one in MANHATTAN!

Also if you have a lease..THEY CANNOT raise you rent untill it expires PERIOD!

with no lease all they have to give you is 30 dyas notice.

I know the area (Silicon Valley). I'll bet $1,200.00 is the cheapest one bedroom you can find. I am sure plenty of the others go for more.

Marianne

[This message has been edited by Mhami (edited August 20, 2000).]