Local governments in Southern California made several moves carrying implications for real estate investors over the past week. In Los Angeles County, the Board of Supervisors is drafting the Community Opportunity to Purchase Act. The law would require multifamily property owners looking to sell their buildings to notify nonprofits, community land trusts and affordable housing developers of their intention to sell, with a right of first refusal for such groups under consideration for the final draft. Laws giving a right of first refusal for tenants and nonprofits have been made or are in the works in a number of markets […]
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