Bill moved from the Pacific Northwest to Los Angeles almost 6 years ago. He and his wife (a ceramic artist) moved into their apartment in Echo Park and lived there for over five years. They had an excellent relationship with their elderly landlady and helped her with the gardening and carrying her groceries up the stairs. The moment their landlady went into an assisted living facility, the sale of the building was underway and the instability began. Immediately cash for keys was a discussion brought to them by the “relocation specialist” who worked for the investment firm Hangar Holdings. Hangar Holdings has bought 6 buildings within a 4 month period and proceeded to Ellis Act all of the tenants if a Cash For Keys offer was not accepted.
Bill and his wife felt like the tranquility of their home had been destroyed and they had no choice but to leave their apartment building. They moved to Lincoln Heights and pay twice as much as they were paying in their Echo Park apartment. The Rental Girl Realty is currently selling their apartment as a TIC property for over $650,000.
“I'm not even so upset for myself anymore. There's a huge class gap, for lack of a better term, and the people who are in power and control money are only making profits for themselves and treating everyone else like they're disposable and in their way and it's time to really get in their way.”