Mayor Jesse Arreguín has introduced a Tenant Opportunity to Purchase Act (TOPA) ordinance. You can read the most recent version of the proposed ordinance in the May 20, 2021 Agenda Packet for the Council’s Land Use Policy Committee (see p. 17). The most recent version of the Mayor’s background report is available HERE.
This is a complex ordinance that, if passed, will significantly change the typical timeline and process for selling a rental property that is subject to the ordinance. See Section 13.89.050 Exemptions of the ordinance for properties proposed to be exempted (a single-family dwelling in which the owner occupies the home is proposed to be exempted from the ordinance, but a rented single-family home is generally not exempt, as of the May 19 version of the ordinance). The intent of the ordinance is to give tenants in eligible properties an opportunity to consider purchasing the property—either through the formation of a “Tenant Organization” or with the assistance of a “Qualified Non-Profit.” To date, I have received impassioned correspondence from proponents and opponents of this proposal. The proposed ordinance is currently being heard by the Council’s Land Use Policy Committee and is scheduled to be heard again on Thurs., May 20 at 10:30 a.m. You can access the Zoom meeting information by clicking on the May 20, 2021 Agenda Packet link.
Councilmember Susan Wengraf and I organized a Community Forum on the Mayor’s Tenant Opportunity to Purchase Act (TOPA) Proposal that took place on Wed., May 12 featuring the following expert panelists:
- Expert on Mortgage Finance
- Expert on TOPA in Washington, D.C.
- Affordable Housing Developer
- Real Estate Attorney
You can watch a recording of the webinar here:
You can view Councilmember Rashi Kesarwani’s presentation on the Mayor’s TOPA proposal here: