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By Willie Brown
As the American dream of homeownership continues to evade renters in California, the Los Angeles City Council unanimously approved a motion on Nov. 22 to give tenants the option to purchase their buildings.
The proposed policies would allow either tenants ofmulti-family buildings or nonprofits to make an offer to purchase a building if the property owner decides to sell.
Within the next 60 days, L.A. City departments will come up with a framework to enact the proposed policies known as the Tenant Opportunity to Purchase Act and the Community Opportunity to Purchase Act.
This could be the start of something extraordinary. It would give faithful hardworking tenants a shot at home ownership that they might not otherwise have. Ever increasing home prices, and difficulty coming up with the downpayment makes it nearly impossible for some renters to purchase even a modest home in L.A.
The policy, if adopted, could provide a ton of benefits for renters who want to provide more stability and generational wealth for their families. Specifically, it can:
- Stabilize the market and help maintain affordable rents.
- Provide families with a sense of ownership and community, especially long-term tenants.
- Encourage community investment through participation in cooperative economics.
