The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
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Thursday, October 5, 2017
First Right of Refusal Proposal Would Cover All Types of Rental Housing
The Daily Journal of Commerce published additional details on Commissioner Eudaly's proposal to give tenants the first right of refusal on the sale of rental units. Commissioner Eudaly's Policy Director, Jamey Duhamel, estimates that the proposal is likely to begin hearings in two to three months. It would apply to all types of rental housing, from single family homes to apartment complexes. A tenant or group of tenants would have 60 days to put together an offer, and if they do not do so, the city would have 30 days to submit an offer on the building. If the city declines to submit an offer, the seller would then be able to market the property openly. While Eudaly's office claims that the proposal is based on a similar law in Washington, DC, the DC law gives tenants an opportunity to make an offer that is competitive with any third party offers that have already been received within 45 days of being notified of a pending sale. It does not impose a 90 day delay on the marketing of a privately owned property. Read more.