Goldman Sachs is securitizing a $349.75 million loan secured by a portfolio of rent-controlled apartment buildings in one of the most expensive cities in the U.S. – San Francisco.

Unlike some other rent-controlled markets, such as New York City, San Francisco ordinances only protect original tenants, according to Fitch Ratings, which is rating the deal. In other words, there are no “succession rights.” Once a unit turns over, it can then be rented at the prevailing market rents for that unit.

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