A Revenue-Neutral Local Option to Stabilize Housing
THE TOPA ENABLING ACT IN A NUTSHELL:
House Bill H1350 / Senate Bill S880 (aka “An Act to guarantee a tenant’s first right of refusal”) would allow cities and towns the local option of providing tenants in multi-family buildings the right to match a third-party offer when their homes are being sold. Tenants can designate their rights to a non-profit or local housing authority, or partner with an affordable housing purchaser.
Please review House Bill H1350 and Senate Bill S880 for greater detail.
TOPA is revenue neutral, does not regulate sales price, and explicitly exempts small owners.
TOPA ENABLING ACT IS CRITICAL NOW TO ADDRESS COVID RELATED HOUSING SPECULATION.
The pandemic is causing increasing distress in the housing market and is expected to result in more turmoil, speculative purchases and resident displacement.
Already billion-dollar investment funds have been set up for distressed properties.
Cities and towns desperately need tools as the housing crisis worsens.
TOPA IS ESSENTIAL DURING THE PANDEMIC TO HELP TENANTS KEEP THEIR HOMES.
Housing stabilization now is a public health issue. TOPA would help prevent the displacement of vulnerable tenants.
TOPA WOULD HELP BLUNT DEEPENING INEQUITIES.
Displacement and unaffordable rents disproportionately impact people of color, seniors, people with disabilities, and other vulnerable groups — and increase segregation in our communities.
TOPA would help to avert speculation of 2008 when huge amounts of wealth were lost by communities of color and working class families.
- TOPA IS COST-NEUTRAL.
- TOPA IS AN ENABLING ACT THAT ONLY GOES INTO EFFECT IN MUNICIPALITIES THAT CHOOSE IT.
- SMALL LANDLORDS EXPLICITLY ARE EXCLUDED FROM TOPA.