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of first refusal. That is, the tenants have first dibs on making an offer to purchase the building they live in when it goes up for sale and the subsequent right to match a third party’s offer if the landlord didn’t accept the initial offer of tenants occupying the building.
TOPA promises a pathway to home ownership although the tenants themselves are unlikely to marshal the down payments necessary to purchase the building. It is a deed-restricted scheme with a handful of behemoth nonprofits ultimately holding the title, with special interest groups and attorneys getting enriched in the process.
It’s a bit ironic. There are concerns about having wealth concentrated in the hands of corporations, but what happens is an oligarchy of organizations ending up with property ownership.
You’ll get some argument from Krista Gulbransen, the Executive Director of the Berkeley Property Owners Association. Gulbransen doesn’t couch her words in explaining the fallacies of this position.
“The TOPA legislation is a deliberate attempt to devalue rental property in the hopes that it
will become “affordable” to the tenants that live in. The unaffordability in the Bay Area is not due to the “greed” of rental housing providers, but rather due to the longstanding issue of lack of supply. The continued attack on owners – especially mom and pop landlords – is despicable, and we will do everything to protect the rights of those owners to capture the value of the asset.”
In It Together Oakland, a band of small housing property owners, is not enamored of TOPA either. Calling themselves former tenants and champions of “real home ownership,” it calls TOPA a false promise and makes a scathing indictment of the measure here.
Based on its introductory video, though, we can only conclude the group consists of sensible people with no agenda other than looking for balanced approaches to solve the affordable housing dearth, and so TOPA just may not be a sound policy.
OUR OWN CONCERNS
These types of “First Right of Refusal” mandates
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CS-24 MARCH 2022 - APARTMENT MANAGEMENT MAGAZINE
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