Small Property Owners v. City & County of San Francisco, 47 Cal. Rptr. 3d 121 (2006)

Citation: Small Property Owners v. City & County of San Francisco, 47 Cal. Rptr. 3d 121 (2006)
Parent Document: Small Property Owners v. City & County of San Francisco, 47 Cal. Rptr. 3d 121 (2006)
Jurisdiction: California (state)
Effective Date: 2006-08-09
Original Source: https://www.courtlistener.com/opinion/2255746/small-property-owners-v-city-co... ↗

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Appellants filed their complaint on April 15, 2002, as a class action on behalf of the owners of one-to-six residential rental units who, pursuant to the Ordinance, were required to pay tenants 5 percent annual interest on their security deposits. They alleged that, due to state law requiring them to return security deposits within three weeks after termination of the tenancy, landlords had to keep the deposits in money market accounts. The interest rate paid by money market accounts beginning in April 2001 was less than 5 percent. On this basis, appellants contended, the Ordinance worked a taking within the meaning of article I, section 19 of the California Constitution and the Fifth Amendment to the United States Constitution. Specifically, appellants alleged: “The difference between the mandated 5% and the money market account yield is a taking without compensation within the meaning of the state and federal constitutions and the plaintiffs and class members have been damaged by having to pay this difference from their own funds.” Appellants sought declaratory relief, damages, and an injunction. B. PRETRIAL

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