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Full Text of Matt Sridhar Letter to Alameda City Council

In advance of the November 4th Alameda City Council consideration of an urgency rent control and just-cause eviction ordinance, Matt Sridhar, CEO of Sridhar Equities, which owns the 33-unit apartment building at 470 Central Avenue, sent an e-mail addressing council. Action Alameda News has obtained a copy of the letter through a public records requests and reproduces it below.

Matt Sridhar Letter to Alameda City Council

1 comment to Full Text of Matt Sridhar Letter to Alameda City Council

  • erikc@cokerpump.com

    this Gentleman just nailed it. Went through this just a few years ago with our older commercial building next door to our current facility in Oakland by the port. We had been renting it to one artist for 20 years and when they moved out they told us they had another artist interested. We rented it under a commercial lease.

    After lease was up 10 years later, I told them we were going to expand and would not renew lease but they could take a few months to leave since there was no hurry. Immediately received a letter from their attorney indicating we could not evict due to rent control as they were living in it therefor under rent control. We received letters indicating it was a hardship for them, not enough time, letters from former mayors all telling us we were bad guys.

    When they told me they could leave in a few weeks if we gave them $10,000, I realized quick this was blackmail and told them we would spend $20k to get them out. It took us over 16 months, found out they filed bankruptcy on their last landlord, it was tied up in courts and at the last minute before a jury was being called they decided to leave. We were lucky, we received back rent but not the 20k in lawyer fees. Could of lost all if they filed bankruptcy again.

    Funny thing is our attorney called us just a couple years later and told us he was helping another landlord evict the same tenants. It creates a system for people to manipulate and the result in our case was we do not rent the building anymore and just use for storage, loss of income for our family business but not worth the headaches and costs of renting again.

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