Academy of Art University lawsuit (2016)
The city of San Francisco sued the for-profit Academy of Art University for illegally converting buildings it bought into dorms, depleting the stock of affordable housing. The complaint listed 22 buildings, including the three now leased to The Residency.
The university settled for $58 million and agreed to upgrade and permit 34 properties.
The settlement was meant to restore housing lost to the university's conversions, but the buildings have since been leased to a tech founder hostel.
The buildings now leased to The Residency were named in this lawsuit, making the current conversion a direct continuation of the housing loss the city tried to stop.
