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Supervisors press Sequoia after tenants plead to preserve 737 Post Street affordable units
Summary
At a Feb. 2, 2017 hearing, tenants, educators and advocates urged the Board to keep BMR units at 737 Post Street affordable after Sequoia Equities signaled it would end participation in the affordability program; Supervisor Aaron Peskin asked Sequoia to negotiate and moved to continue the hearing for further negotiation and possible legal options.
The Government Audit & Oversight Committee took public comment Feb. 2, 2017 on transition plans for below-market-rate (BMR) units affected by Sequoia Equities' upcoming withdrawal from a low-income housing program. Vice Chair Supervisor Aaron Peskin convened public testimony ahead of a presentation to allow tenants who had come early to speak.
Dozens of tenants, community leaders and union representatives described the risk of imminent displacement at Tower 737 Post Street after notices that could raise rents by roughly $700 and otherwise remove BMR protections. Tenants said the increase would force many—seniors, teachers, musicians and service workers—out of the city. Colton Windsor, a tenant who said he faces serious health issues, told the board a March rent increase could render him homeless.
Stephen McDonald, counsel for the building owner, said there is no factual or legal dispute that the units are exempt from long-term rent and eviction controls and framed the conversation as one about equities. Cynthia McSherry, an employee of Sequoia Equities, told the committee ownership was not prepared to accept earlier proposals the city had offered due to changes in financing but said the company had "some thoughts" on options and would discuss refinancing and negotiation.
Mayor's Office of Housing staff said the city had successfully preserved affordability in past cases (South Beach Harbor Marina and Bayside Villages) using purchase and refinancing tools and urged the owner to negotiate. Supervisor Peskin pressed Sequoia to return to the table, warned the city could explore litigation if negotiation failed, and moved to continue the hearing to the call of the chair so parties could pursue a deal.
Committee members said they would continue to seek a negotiated resolution that protects long-term residents while addressing owners' financing constraints. The hearing was continued to allow further negotiations and potential follow-up by the city attorney if owners and the city cannot reach agreement.
Next steps include additional meetings among the mayor's office, owner representatives and tenant advocates; the committee left the item open for continued negotiation and a future report back to the board.
