Amy and Simon Jansuk, have been waiting for a buyer to purchase their below-market-rate condo at 270 Valencia St. since 2022. But after legislation proposed by District 7 Supervisor Myrna Melgar, they will finally have a chance to sell it without losing too much money.
The “affordable resale price” has been on the books for over two decades but the city only made it public and clear to buyers in 2019 — one year after the Jansuks bought their condo. If any owner were to sell above that resale price — $386,000 for the Jansuks — the buyers would not qualify for city assistance, severely limiting the pool of buyers. This would force the Jansuks, today, to take a $95,000 loss.
Melgar promised commissioners she would make this a pilot program after concerns raised last week about raising the area median income, and that the ordinance could be reassessed if the number of qualified units rises. Amy Jansuk, who teared up upon hearing the negative result of the hearing last week, walked out of the room today with a smile on her face.