Tag: current market value

Richmond Mayor Tom Butt has set himself up to be the spokesman for landlords in a campaign against rent control in Richmond. The jump in Richmond rents the past few years, reflecting trends in the Bay Area, has produced new calls for the progressive city council to respond with rent control and “just cause” requirements for eviction. The mayor’s arguments are classic examples of misusing numbers and logic.

The City of Richmond is working with a group called Mortgage Resolution Partners. This company looks at underwater mortgages and offers the current lenders – banks, mortgage companies – to take the property off their hands at its current lower value and then lower the mortgage payments for the family living in the house.