As expected, the language for an ordinance which would require the public disclosure of all tenant buyout agreements in San Francisco, and prohibit buildings which are emptied by way of a buyout from being condo converted, has been drafted and proposed.
Sponsored by Supervisors Campos and Avalos, if adopted, the “Tenant Buy-Out Agreements” ordinance would:
- Require landlords to provide tenants with a disclosure of a tenant’s rights at least 45 days before the landlord commences buy-out negotiations;
- Require landlords to file a summary of the disclosure, as well as buy-out agreements, with the Rent Board;
- Require the Rent Board to post the summary disclosures and the buy-out agreements on its website;
- Authorize administrative enforcement proceedings, resulting in a fine for violations;
- Authorize tenants to bring civil actions for actual damages and a fine against landlords who fail to provide the required disclosure of tenants’ rights;
- Require the Rent Board to provide an annual report to the Board of Supervisors regarding tenant buy-outs; and
- Amend San Francisco’s Subdivision Code to prohibit buildings from entering the condominium conversion lottery if the owners of the building have entered into certain buy-out agreements
The ordinance is headed to the Board of Supervisors’ Land Use and Economic Development Committee for review.