Veritas Investments Receives Commendation from San Francisco

built on
VALUES
w r i t t e n b y NOR A B OX E R
Veritas Investments recently received
a commendation from the Board of
Supervisors for their work with the city’s
Good Samaritan Program.
On Tuesday, December 15, 2015, the San Francisco Board of Supervisors presented
Veritas Investments with a certificate of honor for the company’s work with the city’s
Good Samaritan Program. The program, which was sponsored by Supervisor Scott
Wiener and unanimously passed by the board on April 19th, 2011, was designed to
assist tenants who have been displaced from their rent controlled units due to fire,
earthquake, landslide or similar disaster. By allowing interested landlords to offer
a comparable unit for a temporary period of one year, at either the same rental rate
the tenant was paying for their previous unit or an amount up to 110% of the tenant’s
previous rent, the Good Samaritan program allows civic-minded landlords to assist
with displaced tenants’ immediate need for shelter without entering into a long-term
binding tenancy. At the discretion of the participating landlord, the Good Samaritan
tenancy can be extended up to 24 months maximum. Once the tenant’s original unit
comes back on line, the tenant has the right of first refusal to reoccupy his or her
former unit.
Recognizing the Need
The legislation was introduced after a series of arson fires swept through the Castro
in 2011. At the time of the legislation’s adoption, Supervisor Wiener stated, “These
victims have so many stresses in their lives and finding affordable temporary housing should not be one of those stresses. There are many property owners who want
to help displaced tenants, and we need to give them every tool to be able to do so.”
The San Francisco Apartment Association, which assisted Wiener in crafting the
legislation, was honored for its contribution with a 2011 award from Mayor Ed Lee.
SFAA continues to handle referrals for the Good Samaritan program, emailing its list
of engaged property owners with tenant profiles each time a displacement occurs.
In order for a tenant to qualify for the program, the San Francisco Human Services
Agency must certify that the tenant’s unit has become uninhabitable.
Veritas Investments has been participating in the Good Samaritan program since its
inception. “In the past, prior to the legislation, we had buildings in our own portfolio burn down or suffer extensive water damage,” said CEO Yat-Pang Au (commonly known as “Pang” to his family, friends and associates). “In those instances,
we worked on a grassroots level with our resident managers to make sure we were
able to re-house affected tenants amongst our other holdings.” Through the Good
Samaritan program, Veritas is now able to assist in a more formalized way, extending
their reach to tenants throughout the city, not just those who reside in the company’s
own buildings.
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FEBRUARY 2016 | SF APARTMENT MAGAZINE
Yat-Pang Au, Robert Goldman and Michael
McCamish at the Board of Supervisors.
Photo credit: Jason Steinberg, Steinberg Imagery.
SF APARTMENT MAGAZINE | FEBRUARY 2016
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ground-floor retail. They work to modernize units and add amenities to buildings
that have historic character and detail.
Simultaneously, the company contributes
to neighborhood livability and appeal via
the ground-floor commercial tenancies. It’s
all part of the urban vibrancy Pang loves to
steward and create.
“I love the city,” he says. “I live in the city
and I walk to work. I like walking to the
assets and meeting the people. That’s what
drives me.”
Veritas’ assets are also predominantly rent
controlled. “One of the things I appreciate
about rent control is the ability to provide stability for those who’ve been here,”
The Veritas team at City Hall: McCamish, O’Leary, Au, Goldman, Sato and Chesnosky.
Pang says. He values the broad diversity
of residents from multiple socioeconomic
Most recently, Veritas assisted with tempo-
about community stewardship for Pang.
statuses and walks of life, “from the artist
rarily rehoming two families after a three-
“It wasn’t just about financial return but
who’s been here 30 years all the way to the
alarm fire broke out at 16th and Shotwell
about the fact that I really believe in people.
Google engineer who just moved here two
in the Mission District. The company owns
That’s how I learned to manage buildings.
months ago. That’s the beauty of San Fran-
neighboring buildings; as the disaster hit
Whether you’re working with neighbors,
cisco,” Pang says, “all those people living
close to home, they felt compelled to help.
tenants, residents, brokers, sellers—it’s all
together in one building.”
about building relationships.” As he grew
“We appreciate Veritas always being so
his investment portfolio, Pang says, “friends
Pang recognizes his support of rent con-
responsive to the needs of the tenants in
and family wanted to invest with me be-
trol may seem counterintuitive to some
San Francisco,” said SFAA Executive Direc-
cause they thought I was a good steward
in the industry, but he doesn’t view rent
tor Janan New, who was on hand for the
of both properties and people.” By 2007 he
control and prosperity as being opposed.
awards presentation. “We encourage more
had formed Veritas in order to manage real
“We make money by virtue of creating
San Francisco landlords to get involved in
estate investments on behalf of both institu-
beautiful spaces, updating and keeping
this wonderful program. It is an easy way to
tional and individual investors.
our properties, and curating amazing re-
‘give back’ to the city that has provided us
all with economic success.”
tailers—even at times taking retailers that
The years 2010-2014 provided exponential
pay lower rents,” he said. “We’re activating
growth for the company with the forma-
spaces in neighborhoods, and investing
Building Community,
Building Success
tion of Veritas Investment Funds with
in San Francisco for the long haul.” That
partnerships from institutional capital
neighborhood activation and commitment
Just how did that economic success oc-
partners. The year 2011 saw the creation of
to the city has created success for Pang,
cur for Yat-Pang Au, a lifelong Bay Area
the affiliate company GreenTree Property
Veritas and their investors on both a finan-
resident who rose from modest means
Management as well as the apartment
cial and a community level.
fixing coin-operated laundry machines
leasing affiliate RentSFNow. In 2013, the
for the family business? Pang acquired his
company completed the largest portfolio
Civic Engagement
first investment property—condominium
financing in the history of San Francisco,
Veritas’ sense of civic responsibility ex-
units in Fremont—in 1996, followed by his
totaling $685 million. Today, the com-
tends beyond the Good Samaritan pro-
first apartment building in San Francisco
pany’s portfolio totals over $2 billion in
gram. Among the programs the company
in 2003. He always aspired to come to San
mixed-use multifamily properties.
supports are the International Technologi-
Francisco. “I jokingly say I decided to buy
cal University, a private nonprofit university
my first building in the Mission District
Values and the New Urbanism
in San Jose that seeks to leverage Silicon
because I was looking for love,” Pang says,
Veritas is proud to help anchor the urban
Valley’s technology and business models to
“but it’s true.” Once he bought the build-
revitalization trend that has swept Ameri-
advance developing economies throughout
ing, he met the woman who was to become
can cities in recent years. Specifically, the
the world; Self-Help for the Elderly, which
his wife and the mother of his three chil-
company is interested in acquiring and
serves over 35,000 seniors in the greater
dren. Managing that first building was all
operating multifamily buildings with
Bay Area each year by empowering their
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FEBRUARY 2016 | SF APARTMENT MAGAZINE
self-sufficiency via a range of multicultural
Good-Samaritan-Status-Form-Lease-Adden-
and multilingual services; and San Fran-
dum.pdf.
cisco’s Community Housing Partnership,
which helps the homeless secure housing
SFAA will handle referrals, connecting
and become more self-sufficient.
interested landlords who have vacancies
with tenants in need. To enroll in the
In 2008, Veritas’ subsidiary SF GoGreen
program, please contact SFAA at 415-255-
installed solar panels atop one of the com-
2288 or by emailing Charley Goss, Govern-
pany’s three-story buildings in the Mission.
ment and Community Affairs Manager,
Veritas has gone on to become one of the
at [email protected].
largest solar providers in the San Francisco
multifamily industry, with panels providing
solar electricity at more than twenty of their
buildings. A 2010 partnership with Zipcar
has grown exponentially, so that today,
Veritas is one of Zipcar’s largest providers
in San Francisco.
Growing the Program
While accepting the Good Samaritan commendation from Supervisor David Campos
at the Board of Supervisors, Pang thanked
his team, including COO Justin Sato, property manager Rob Goldman, director of
GreenTree Property Management Mike
McCamish, RentSFNow director of leasing
David Chesnosky, and leasing agent Dan
O’Leary. Pang hopes the company’s recognition for their Good Samaritan work will
encourage other property owners, both
individuals and companies alike, to join in
the effort to provide emergency housing.
As Supervisor Wiener stated in the awards
presentation, “It’s great that the Good Samaritan Program was created, but it only
works if landlords are willing to step up.
We need more and more people to do that.”
And since San Francisco is a quake city, at
some point in the future there may be a
great need to have a roster of civic-minded
landlords in place. Pang wants to remind
landlords that “participating in the program
is a win-win. Property owners are able to
help the community by providing emergency housing, but because of the time
limit, after one year they’re able to grow
their business again.”
Property owners who are interested in
participating in the Good Samaritan
program can take an in-depth look at its
terms by viewing the Ordinance Summary,
available at sfaa.org/pdf/good-samaritanaddendum.pdf, as well as the participating
landlord/tenant agreement at sfaa.org/pdf/
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FEBRUARY 2016 | SF APARTMENT MAGAZINE
Nora Boxer is the Interim Editor of SF Apartment
Magazine. She can be reached at [email protected].