The coming weeks/months will be an important time for all Richmond property owners and concerned residents to band together, take action, and spread the word as to what is happening in our city.
Click here for a copy of the:TOPA Ordinance
The Richmond City Council is currently considering a radical ordinance called TOPA (Tenant’s Opportunity to Purchase Act). It’s being sold as a way to prevent displacement and promote ownership opportunities for tenants; but in reality the 14 page ordinance will not create opportunity for any of our residents. It uses our underprivileged as a front to grant the city the power to dictate how properties are sold, to whom they can be sold, and even how much they can be sold for.
Renters: Does buying a property that the city controls but you have to pay for sound good to you? It would essentially remove all the financial benefits of ownership (appreciation, income, tenancy control), and leave you with all the responsibilities. How is that a worthwhile investment? Once the city converts the title to be “permanently affordable”, what is that property then worth? Would a bank even grant a borrower a loan under these conditions?
Homeowners/property owners: How would you feel if the sale price of your house or income property was dictated by a “city trained” appraiser? And how about regulations that could delay a sale indefinitely? What if you need to sell quickly, or want to use your triplex for your family members? Under this ordinance these types of scenarios would go out the window.
So who looks to benefit from this ordinance? If you read the fine print, it’s special interests groups. “Non-profit” third parties that can have the tenant’s rights transferred to them, leverage them against the owner, then later claim a potential exemption from all the "permanent affordability regulations."
Everyone who cares about our city should be against it.
Key issues of the ordinance are listed below:
Gives tenants Right of First Refusal (ROFR) to purchase property before any rental property may be sold in a arms-length transaction, demolished, or removed from the rental market (Ellis Act)
Allows for the sales price of the property offered to tenant(s) or third party be set by the City through a "city trained" appraiser.
Any tenant who purchases a property through this ordinance would have to pass to the city the power to control its future renters, rent levels, and allowable property value for 99 years
Prevents a property from going on the market for sale until every renter waives his or her rights in writing, and creates lengthy, unpredictable time periods in which a sale, or lack thereof can be delayed indefinitely.
Allows qualified tenants to transfer these rights to a third party "non-profit" organization for each potential sale of property
The ordinance would cover all rental property, from a single family house up to the largest apartment building
Any owner who is found in violation of the regulatory process could be fined $1000/per day per unit
This ordinance is not a progressive way to promote ownership opportunities for existing tenants, it's a blatant attempt to seize private property through a coercive set of regulations. We can not let this action by the city council fly under the radar, that is why it's imperative we contact each of the Richmond city council members, speak at public forum, and sign the above petition to express our opposition to this proposal, and demand alternative methods to be developed amongst all stakeholders.
What you can do:
Email the Council with your concerns
Please take the time to email each of the city council members to show your opposition to this proposed TOPA ordinance.
Demnlus Johnson: demnlus_johnson@ci.richmond.ca.us
Ben Choi: ben_choi@ci.richmond.ca.us
Nat Bates: natbates@comcast.net
Eduardo Martinez: eduardo_martinez@ci.richmond.ca.us
Jael Myrick: jael_myrick@ci.richmond.ca.us
Melvin Willis: melvin_willis@ci.richmond.ca.us
Tom Butt: tom.butt@intres.com