On Monday March 5th the Cambridge City Council rejected enacting local by-laws that would restrict the sale of property by a vote of 6-3. Specifically, the measure proposed creating a right of first refusal that would allow tenants to join together and purchase their residential building should their landlord decide to sell. Cambridge City Councilors who opposed the measure were Mayor Marc C. McGovern, Vice Mayor Jan Devereux, Craig A. Kelley, Alanna M. Mallon, E. Denise Simmons, and Timothy J. Toomey, Jr.
The Cambridge proposal was similar legislation pending at the State House,
Bill H. 3017, An Act to Preserve Affordable Housing Through a Local Option Tenant’s Right to Purchase.
GBREB has strongly opposed H.3017 which is modeled after the
Tenant Opportunity Purchase Act (TOPA) law in Washington D.C. The Greater Boston Real Estate Board (GBREB) has raised numerous objections to the creation of a right of first refusal law including complicating loans and clouding title insurance, complicating previously routine transfers of interest among individuals, families or business entities that own housing and delaying the sale of homes and multifamily property.
Although, H.3017 was referred to a study at the State House effectively stopping progress of the bill for this session, discussions are still ongoing in Somerville on how to advance the issue locally.
Click here to read more about the vote.