Tenants in San Francisco partnered with MEDA (Community Real Estate for the Mission Economic Development Agency). MEDA connected these tenants to the Small Sites Program which used public money to help nonprofits like MEDA buy buildings off the private market so tenants can stay.
"MEDA owns the largest number of buildings associated with the Small Sites Program. San Francisco provided $75 million to help MEDA purchase 26 buildings and help more than 400 tenants keep their affordable housing. All told, the Mayor’s Office of Housing and Community Development helped nonprofits buy 35 buildings and keep more than 500 residents in place."
"In June [2019, San Francisco] enacted the Community Opportunity to Purchase Act, or COPA, that law now ensures nonprofits get a five day heads up to purchase eligible properties on the market."
Berkeley is considering a similar program called TOPA or Tenants Opportunity to Purchase Act which paves the way for tenants to have a first right of refusal to purchase the building in which they live before other offers are considered.
Read all about the tenant and Small Sites success story in San Francisco via the following link from CBS News.
Read all about the tenant and Small Sites success story in San Francisco via the following link from CBS News.
https://sanfrancisco.cbslocal.com/2019/12/11/a-housing-solution-success-story-nonprofits-buy-buildings-to-prevent-displacement/
MEDA advises tenants to be on the lookout for signs that the building may be sold. For example, the Owner may suddenly decide to paint the building exterior after 30-years or make other major capital improvements. Building improvements can be a tell-tale sign that the Owner is prepping the building for an appraisal and a subsequent sale.
MEDA advises tenants to be on the lookout for signs that the building may be sold. For example, the Owner may suddenly decide to paint the building exterior after 30-years or make other major capital improvements. Building improvements can be a tell-tale sign that the Owner is prepping the building for an appraisal and a subsequent sale.
