Berkeley considers new law to help tenants buy property

| Feb 27, 2020 | real estate law | 0 comments

Real estate may be the most important industry in California, since space and buildings are the main requirement for any venture of homes or businesses. As the state faces a decreasing stock of available housing, politicians in Sacramento and many cities are working to find solutions.

Berkeley, a Bay Area city known for attempts at progressive approaches to social issues, is considering a new housing policy for possible future homeowners. The law would give renters the first right of refusal on their home if it is put up for sale. This means that current occupants would get the first chance to buy that house or apartment.

We have a housing crisis and the public expects us to take bold action to fix it,” said the mayor of Berkeley. “There are growing inequities in the rental market born of speculation and greed, and we must level the playing field.”

The hope is that laws like this would eliminate or reduce the need for people to leave properties and communities as prices rise and demand increases. The median home price has nearly doubled in the last seven years, while rental costs are nearly as high as New York or parts of Los Angeles.

If landlords are having issues with tenants or other aspects of owning and operating a property, legal representation is always a possibility that can help sort out the problem. California real estate laws can be very complex and apply to nearly every aspect of renting or selling properties. An attorney may be one of the most useful allies for landlords.