TENANTS-RIGHT OF FIRST REFUSAL

The bill establishes a law that gives tenants in multi-unit residential rental properties the first chance to buy their building when it is put up for sale. Landlords must notify tenants and their association in writing, allowing them 60 days to make an offer. If the landlord later offers the property at a significantly lower price, tenants get an additional 10 days to respond.

Supporters of the bill argue that it empowers tenants by giving them the opportunity to buy their homes and maintain community stability. They believe this legislation promotes affordable housing and helps prevent displacement of long-term residents when properties are sold.

Critics contend that the bill could discourage property owners from selling their buildings, potentially leading to a decrease in property values and investment in rental properties. They also argue that the requirements for tenant associations may be burdensome and complicated, making it difficult for tenants to exercise their rights effectively.