Veritas Investments owns nearly 200 buildings in the city. It’s been a target for tenant advocates, who accuse the company of building a business model that relies on pushing tenants out of rent-controlled units so they can be re-rented for much more. Veritas disputes the accusations that is “hostile or negligent” toward tenants.
City supervisors Monday gave the initial thumbs-up to legislation to protect the formation of tenant associations that, like unions, could collectively bargain with landlords. The three-person Rules Committee voted unanimously to approve the protections, which now move to the full Board of Supervisors.
The Board of Supervisors unanimously approved protections for tenants to form associations, akin to labor unions, that can negotiate with landlords over a wide range of concerns, including issues like construction schedules and even helping tenants pay off debts taken on to cover rents, often called “shadow debt.”